Provided by
Dow Jones
By Maria Armental
International Business Machines Corp.'s stock traded down Friday, a day after reporting December quarter financial results, including revenue that missed Wall Street expectations.
Shares were recently trading at $118.98, down 10% for the day and about 17% over the past 12 months.
The tech icon--which is in the process of separating its managed infrastructure services business in what would be its biggest business exit--had already warned that the quarter's revenue results would reflect customers' spending adjustments during the pandemic as well as product cycles and year-earlier comparisons.
On Thursday, company officials said fourth-quarter revenue fell 6.5% to $20.37 billion, short of "typical seasonality" and analysts' projections.