Two tech titans, IBM and Intel, have reported big drops in their net income.
The BBC reports that Intel earned a profit of 2 billion dollars in second-quarter, down 29 percent from a year ago.
IBM saw earnings for the same period fall by 17 percent to 3.23 billion dollars, the report added.
Revenue for both companies slipped as well, with IBM's falling by 3 percent and Intel's down by 5 percent.
Chipmaker Intel suffered as consumers and businesses switched away from traditional computers, while IBM made less on hardware and more on software.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app