IBM Declines After Soft Consulting Sales Weigh on Results.

IBM's stock declined by 8% after reporting underwhelming revenue in the third quarter, with sales increasing by 1% to $15 billion, slightly missing analyst estimates. The flat consulting business, generating $5.15 billion in revenue, was a significant factor in the results, as clients are cautious due to economic uncertainties. Despite this, IBM's software sales increased by 9.7% to $6.5 billion, with growth in Red Hat business, while infrastructure revenue saw a steeper decline than expected. IBM is focusing on high-growth software and services, with AI consulting and software bookings exceeding $3 billion since mid-2023. [Extracted from the article]