REUTERS: International Business Machines Corp missed analysts' estimates for third-quarter revenue on Wednesday, overshadowing a profit beat and sending its shares down 3per cent in extended trading.
Revenue from the company's cloud services, which are driving IBM's pivot away from established businesses including mainframe servers, rose 11per cent to US$5 billion in the third quarter ended Sept. 30. With the Red Hat deal, the company's biggest so far, IBM is looking to expand its subscription-based software offerings to counter falling software sales.
The company has also changed its reporting structure earlier this year. Its two biggest segments now are"cloud and cognitive software" and"global technology services".The cloud and cognitive software unit, which includes Red Hat, reported a 6.4per cent rise in revenue to US$5.28 billion.
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