IBM beats quarterly revenue estimates, warns of $3.5 billion forex hit

Published by
Reuters UK

By Chavi Mehta (Reuters) -IT hardware and services company IBM Corp beat quarterly revenue expectations on Monday but warned the hit from forex for the year could be about $3.5 billion due to a strong dollar. A hawkish Federal Reserve and heightened geopolitical tensions have driven gains in the dollar against a basket of currencies over the last year, prompting companies with sizeable international operations, including Microsoft and Salesforce, to temper expectations. Shares of the company fell 4.4% in extended trading. “I think the market is extremely pessimistic about the macro factors,” F…

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