IBM on earnings: We're disappointed with performance
From cnbc.com
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IBM on Monday posted earnings that fell well short of analysts' expectations, with the company saying it is "disappointed" with its performance. The tech giant reported earnings excluding items of $3.68 a share on revenue of $22.40 billion. IBM had been expected to post earnings excluding items of $4.31 a share on revenue of $23.37 billion. The news comes after the company announced plans to pay contract-chipmaker Globalfoundaries $1.5 billion to offload its loss-making chip business. As part of the deal, it will take a $4.7 billion pretax charge.