IBM will pay Globalfoundries US$1.5bil to take the chip operations off its hands, WSJ said.
NEW YORK: International Business Machines Corp reported a marked slowdown in business in September and abandoned its 2015 operating earnings target on Monday, as weak client spending and a slumping software sector weighed down quarterly revenue.
IBM shares fell nearly 7% to a three-year low, a blow for legendary investor Warren Buffett whose Berkshire Hathaway Inc is its top shareholder. The decline shaved more than US$13bil off of IBM's market cap, which stood at US$182bil at the stock market close on Friday.
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