(Reuters) - International Business Machines Corp reported its smallest drop in quarterly revenue in more than four years, helped by continued growth in the company's cloud and analytics businesses.
The company's revenue marginally fell to $19.23 billion in the third quarter ended Sept. 30 from $19.28 billion a year earlier.
Net income fell to $2.85 billion, or $2.98 per share, from $2.95 billion, or $3.01 per share.
Under Chief Executive Ginni Rometty, the company has shifted towards more profitable areas such as cloud services, analytics, and security.
Revenue from those areas, which the company calls "strategic imperatives", rose 16 percent to $8 billion in the third quarter.
(Reporting by Narottam Medhora and Nayyar Rasheed in Bengaluru; Editing by Maju Samuel)
Disclaimer: No Business Standard Journalist was involved in creation of this content
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