IBM Revenue Sinks for 7th Straight Quarter
IBM Revenue Sinks for 7th Straight Quarter (Bloomberg)
International Business Machines Corp. (IBM) sent out its annual report during the past weekend. And CEO Ginni Rometty didn’t mince words when she said that 2013 didn’t go as planned, “… our performance did not meet expectations… we must also address those parts of the business that are holding us back.” And by “address,” CEO Rometty really means ”fix now.” IBM has watched revenue sink for the past 7 quarters, as it struggles to transition into the cloud-computing game while upgrading hardware. To meet profit goals during that time, Rometty has had to sell assets, jettison workers, buy back shares and cut taxes. Finally, during the past year, as the U.S. economy seems to gather steam, IBM’s share price has roller-coastered all over the place but is 10 percent down in the end. So, will you pick up shares?