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More on IBM's Q3: EMEA sales -9%, hurt by forex. But Americas sales, barely affected by forex,...

More on IBM's Q3: EMEA sales -9%, hurt by forex. But Americas sales, barely affected by forex, were also soft (-4%). Hardware was a weak spot, -13% Y/Y - mainframes (recently refreshed) -20%, storage -10%, System x servers -5%, Power servers -2%, chip foundry sales -25%. Software -1%, Services -6% with backlog totaling $138B (up $2B Q/Q). But gross margin was 48.1%, up 50 bps Q/Q and 120 bps Y/Y. Another $3B of shares repurchased. IBM -3.3% AH. CC under way (webcast). (PR)
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