IBM continues to invest in the cloud as sales slide
July 21, 2015
Grazed from Fortune. Author: Jonathan Vanian.
IBM continues to take the saying “you have to spend money to make money” close to heart. The tech colossus on Monday reported its thirteenth straight decline in quarterly revenue while executives continued to funnel money into IBM’s “strategic imperatives,” which includes its cloud computing and data analytics business.
For the three months ending June 30, IBM IBM -4.01% logged $20.8 billion in revenue, a 13.5% decline from the $24 billion it brought in the same time period a year earlier. The company’s software business was responsible for a big part of the drop. Revenue in that division fell to $5.8 billion from $6.5 billion the previous year…
IBM’s global technology services group saw quarterly revenue decline 10.5% to $8.1 billion from the $9 billion it raked in the year-ago period…
Read more from the source @ http://fortune.com/2015/07/20/ibm-earnings-cloud-spending/