IBM Shares Slide as Revenue Drop Renews Concerns

Shares finished down 7.6% at $134.05, a decline that sliced 75 points off the Dow Jones Industrial Average and sent the stock to its lowest close in more than two and a half years. Shares are down more than 15% from a year ago. IBM on Tuesday reported adjusted profit that topped Wall Street's forecast. Its 2.1% slide in revenue from a year ago served as a reminder of the company's yearslong struggle to ditch its legacy image as a computer maker and refocus on fast-growing businesses such as cloud computing and services driven by artificial intelligence. "It was clearly a disappointing quarter," said John Conti, a partner at SeaBridge Investment Advisors LLC, which is an investor in IBM.