Gelonghui, April 25 | IBM (IBM.US) U.S. stocks fell more than 8.5% before the market opened, to US$168.3.
IBM\’s first-quarter revenue was US$14.46 billion, a year-on-year increase of 1%, lower than the expected US$14.55 billion; earnings per share were US$1.72, compared with US$1.01 in the same period last year, and market expectations were US$1.3.
During the period, consulting business (including business transformation, technology consulting and application management) revenue was US$5.2 billion, a year-on-year decrease of 0.2%.
In addition, IBM said it has agreed to acquire software company HashiCorp Inc. in a deal that values the company at an enterprise value of $6.4 billion.
