International Business Machines Corp. expects to return to revenue growth this year, even as corporate customers’ focus on preserving cash during the coronavirus pandemic drove a 4.6% revenue decline in 2020.
IBM has reported lower sales every quarter in 2020, underscoring the challenges ahead for Chief Executive Arvind Krishna, who took over during the pandemic.
In the latest quarter, revenue fell to $20.37 billion from $21.78 billion a year earlier.
Analysts surveyed by FactSet expected $1.81 a share in adjusted profit and $20.68 billion in revenue.
Shares fell 6.6% in after hours trading. IBM’s stock closed at $131.65 on Thursday, up 1.2% for the day but down 5.4% over the past 12 months.
