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23rd January 2014, 07:31 | #1 |
[M] Reviewer Join Date: May 2010 Location: Romania
Posts: 148,055
| Big Blue trips over China The ever shrinking violet Biggish Blue missed revenue expectations for the fourth straight quarter claiming it was seeing weakening demand for servers and storage in China. Chief Executive Officer Ginni Rometty and her team will abandon their annual incentive payments for 2013 because IBM failed to increase revenue. China was particularly embarrassing as the government-owned corporations that IBM relies on for a large chunk of revenue stopped buying. China represents five percent of IBM's business, about 40 percent of which is hardware sales. China was proving inscrutable, executives moaned and a new government headed by Xi Jinping is spearheading significant structural reforms that are affecting state-owned companies. IBM Chief Financial Officer Martin Schroeder read his tarot cards and predicted growth will return towards the end of 2014 and he was "comfortable" that IBM would get back to mid-single digits across the growth market regions by the end of the year. Revenue in that business, which includes server and storage products, fell for the ninth straight quarter as more companies switched to the cloud from traditional infrastructure. http://news.techeye.net/business/big...ips-over-china |
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