IBM Misses In Q1 On Weak Server Sales
Looks like IBM is headed for some major changes after a fiscal 2013 first quarter in which profit dipped 1 percent and revenue fell 5 percent. In IBM's first-quarter earnings call, CFO Mark Loughridge said IBM will cut staff and sell off certain pieces of its business as it tries to right the ship.
"There are parts of our business that are in transition or have been underperforming, like elements of our Power, [System] x and storage product lines that showed disappointing performance in the first quarter," Loughridge said during the call. "Here we're going to take substantial actions," he said, without offering details.