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IBM Falls Despite Cloud Growth: Margins Undermine ‘The Transition’

Shares of International Business Machines (IBM) are down $4.98, or 3%, at $149.79, reversing initial gains yesterday afternoon, after the company beat Q3 revenue and earnings expectations and affirmed its year profit outlook, and despite a surge of 44% in its revenue from cloud computing. Despite the growth in what IBM calls its “strategic imperatives,” including cloud, the Street today is very much concerned with weakness they see in underlying profit: gross margin, on a non-GAAP basis, of 48%, was below what most expected, as the cloud computing growth seems not to be bringing with it high-margin business.
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