Here are three notes about the report, which represents the first full quarter since IBM completed its acquisition of cloud software provider Red Hat:
1. IBM posted $18 billion in revenue in the third quarter, a 3.9 percent drop year over year. The last time revenues increased was the second quarter of 2018, when the company reported a 4 percent rise to $20 billion.
2. Earnings also decreased: IBM reported net income of $1.7 billion, a 38 percent year-over-year decline.
3. Revenues did, however, increase in the cloud and cognitive software and global business services segments; the former, which includes Red Hat, reported revenues of $5.3 billion, up more than 6 percent year over year. The global technology services, systems and global financing sectors, meanwhile, reported revenue declines.
“Our results demonstrate that clients see IBM and Red Hat as a powerful combination and they trust us to provide them with the open hybrid cloud technology, innovation and industry expertise to help them shift their mission-critical workloads to the cloud,” Ginni Rometty, IBM chair, president and CEO, said in the earnings release.
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