Enterprise software provider IBM's second-quarter revenue fell short of Wall Street expectations on Wednesday, bogged down by tepid spending from businesses.IT service providers have warned of further pain as companies striving to cut costs in the face of rising inflation cut tech budgets, hurting the ind
Enterprise software provider IBM's second-quarter revenue fell short of Wall Street expectations on Wednesday, bogged down by tepid spending from businesses.
IT majors such as Accenture and India's Tata Consultancy Services have also flagged demand weakness, with the former missing market estimates for quarterly revenue last month after its North America revenue grew at its slowest rate in about three years. Revenue growth in the U.S. and Western Europe was"muted" as the company wrapped up the cycle for its mainframe computers it launched last year, Chief Financial Officer James Kavanaugh said in an interview.
Total revenue for the quarter ended June 30 fell 0.4 per cent to $15.48 billion compared with analysts' average estimate of $15.58 billion, according to Refinitiv data.
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