IBM Corp missed Wall Street expectations for first-quarter revenue on Wednesday, hurt by shrinking corporate spending on IT services and a strong dollar.The IT industry is facing a slowdown after a post-pandemic surge in demand for services such as consulting, as high inflation and interest rates have for
IBM Corp missed Wall Street expectations for first-quarter revenue on Wednesday, hurt by shrinking corporate spending on IT services and a strong dollar.
"We are seeing softness in certain components of our discretionary based offerings in consulting," Chief Financial Officer James Kavanaugh told Reuters about the U.S. market. IT industry majors including IBM and India's Tata Consultancy Services have flagged weakness in Europe. Accenture signaled to a wider slowdown last month, when it decided to slash about 19,000 jobs and trimmed revenue growth and profit forecasts.
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