Shares of IBM (NYSE: IBM) fell 9.9% on Friday, following the release of the tech giant's fourth-quarter results.
IBM's revenue declined by 6% year over year to $20.4 billion. That was slightly below the nearly $20.7 billion Wall Street had expected.
IBM is streamlining its business to focus more on its cloud operations. However, the shift isn't progressing as well as many analysts anticipated. IBM's total cloud revenue rose only 10% to $7.5 billion, while competitors such as Amazon and Microsoft are projected to deliver much more impressive cloud growth in their upcoming earnings reports.
Source Fool.com