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IBM misses revenue estimates, weighed down by legacy businesses

FILE PHOTO - The logo of Dow Jones Industrial Average stock market index listed company IBM (IBM) is seen on a computer screen in Los Angeles, California, United States, April 22, 2016. REUTERS/Lucy Nicholson

(Reuters) - IBM Corp (IBM.N) on Tuesday reported a lower-than-expected quarterly revenue, as growth in its higher-margin businesses that include cloud and artificial intelligence services failed to make up for declines across legacy business segments.

IBM's shares fell 3 percent to $149.15 in after-market trading.

Armonk, New York-based IBM has in recent years shifted focus to pockets of growth across its business — high-margin areas such as cloud, cybersecurity and data analytics — to counter a slowdown in its hardware and software businesses.

Revenue from these initiatives, which IBM calls "strategic imperatives," rose 5 percent in the second quarter ended June 30.

However...


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