IBM Earnings: Revenues Miss Expectations Amidst Corporate Restructuring

The company reported a marked slowdown in business due to weak client spending and an anemic demand in software sector. As a result, the company reported 4% year-over-year decline in revenues to $22.39 billion (excluding revenues from discontinued operations that include the x86 server business and Microelectronics), and 17% decline in net income to $3.5 billion. The market reacted negatively to the results and the stock price declined by 7% during the trading session on Monday.