IBM revenues down $1 Billion as hardware sales get hit by cloud
IBM has reported its third-quarter revenues were $23.72 billion compared to $24.74 billion this time last year. The revenues were down due to the company’s under-performing hardware division, which is taking a hit with the growing popularity of cloud services. Revenues for the nine-month period totaled $72.1 billion, a decrease of 4 percent, compared with $75.2 billion for the nine months of 2012. Revenues in the hardware group were down almost entirely across the board.