FILE PHOTO: IBM logo is seen near computer motherboard in this illustration taken January 8, 2024. REUTERS/Dado Ruvic/Illustration/File Photo
(Reuters) -International Business Machines missed analysts' estimates for third-quarter revenue on Wednesday, hurt by weakness in its consulting segment as businesses cut back on discretionary expenses, coupled with declines in the infrastructure business.
IBM's shares fell about 4% in extended trading after rising more than 40% this year, as investors bet on the company's potential to benefit from generative AI through its software and consulting services.
