IBM delivered solid quarterly profits despite weakness in revenue as the slowing global economy trimmed technology spending and hardware sales fell.
IBM is the largest global supplier of information technology to corporations and governments, so it is viewed as a bellwether of technology spending trends. The quarterly results fit the recent pattern at the company of reporting strong earnings growth and disappointing sales. IBM’s strategy focuses on higher-margin businesses, faster-growing markets abroad, and aggressively cutting costs. IBM reported a 6 percent increase in second-quarter net income to $3.9 billion.
News Tribune news services
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