Artificial IntelligenceCryptocurrencyMetaverseCybersecurityTech Forward

IBM’s Sales Fall on Tepid Tech Spending

January 19, 2016, 9:25 PM UTC
Latest Consumer Technology Products On Display At CES 2016
LAS VEGAS, NV - JANUARY 06: IBM Chairman, President and CEO Ginni Rometty arrives at her keynote address at CES 2016 at The Venetian Las Vegas on January 6, 2016 in Las Vegas, Nevada. CES, the world's largest annual consumer technology trade show, runs through January 9 and is expected to feature 3,600 exhibitors showing off their latest products and services to more than 150,000 attendees. (Photo by Ethan Miller/Getty Images)
Ethan Miller Getty Images

International Business Machines reported an 8.5% fall in quarterly revenue as a strong dollar and tepid IT spending weighed on the Big Blue’s results.

Shares of the company (IBM) fell less than 1% in extended trading on Tuesday to $127.20.

Armonk, New York-based IBM’s revenue fell to $22.06 billion, above analysts’ average estimate of $22.02 billion, according to Thomson Reuters I/B/E/S.

IBM gets more than half its revenue from overseas. The dollar index, which rose over 9 percent last year, is expected to rise a further 3.4% by the end of 2016.

Revenue adjusted for currency fell 2%.

Net income fell to $4.46 billion, or $4.59 per share, from $5.48 billion, or $5.51 per share a year earlier.

For more about IBM, watch:

Excluding items, the company earned $4.84 per share, beating analysts’ average estimate of $4.81 per share.

Up to Tuesday’s close, IBM’s shares have fallen 18.5% in the past 12 months.

(This story was updated with additional information)