IBM has seen its sales slump and profits dip after it was caught in the crosswinds of economic uncertainty, tightening IT budgets and currency fluctuations.
The technology bellwether said revenues for the quarter ending 30 September were $24.7bn, down five percent on the year-ago quarter of $26.1bn. Profits slipped marginally too, down to $3.82bn from $3.84bn.
IBM took the biggest hit in its Systems and Technology Group, where revenues were down 12.8 percent year-on-year from $4.48bn to $3.90bn.
That sales slump was indicative of firms' reluctance to spend on big ticket items such as mainframes. Sales of IBM's System z, for example, declined 19 percent year-on-year.
Revenues in IBM's software unit fell from $5.82bn a year ago to $5.76bn and in its services division from $10.32bn to $9.92bn.
Elsewhere in the division, storage hardware revenues were down eight percent, and sales of its Power systems slipped one percent.
But IBM said it was badly impacted by currency fluctuations, with the strong dollar knocking nearly $1bn off its revenues - a significant chunk.
IBM chief executive Ginni Rometty was adamant, though, that better times are ahead.
"Looking ahead, we see good opportunity with a strong product lineup heading into this quarter and annuity businesses that provide a solid base of revenue, profit and cash,” she said.
Another issue that impacted IBM's finances came in the shape of a $160m hit in relation to changes in its UK pension policy, which resulted from a court case brought by pension trustees over restrictions on early retirement.
IBM's figures came at the same time that Intel saw its revenues fall due to declining PC sales, while HP is also facing a tough future in the market.
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