Originally published at www.seclive.com
Filing in Focus: IBM 8-K, October 16, 2013
International Business Machines Corporation (NYSE:IBM) reported declining sales for the sixth consecutive quarter, as recorded in its most recent form 8-K filing detailing its third quarter results. Revenue dropped 4% to $23.7B, falling $1B short of analyst predictions. Overall quarterly earnings improved 5.7% from last year's $2.8B and $3.33 per share to $4B and $3.68 per share. IBM is shifting its focus to the higher profit margin software business while it works to drop its commodity offerings. This is but one of several moves the company is making, including the deal with Synnex that was detailed here on Filings Digest September 11, 2013 as well as its purchase of Trusteer for over $800M. CEO Ginni Rometty commented that IBM is striving to improve its growth while addressing underperforming hardware business.
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