IBM said that excluding Kyndryl, revenue would have been up 2.5 per cent in the third quarter. ![]() A large portion of the unit will be spun out Nov. The division, which includes infrastructure service operations like managing client data centers and traditional information-technology support, comprises about a third of IBM’s total revenue. The Global Technology Services segment posted a 4.8 per cent decline in sales from a year earlier. “The fourth quarter is going to be a major transition to the new IBM.” “We continue to make progress but we have more work to do,” Chief Financial Officer Jim Kavanaugh said in an interview. This time, weak sales in IBM’s legacy IT management and systems units outweighed robust demand for cloud computing, where the company is pinning its hopes for a turnaround. The underwhelming performance also comes after a more optimistic second quarter, when the company reported its biggest increase in revenue in three years. Analysts were expecting US$17.8 billion, on average, according to data compiled by Bloomberg. ![]() 30, the Armonk, New York-based technology company said Wednesday in a statement. Sales rose 0.3 per cent to US$17.6 billion in the three months ending Sept. ![]() reported revenue that missed analysts’ estimates, highlighting the challenge of fulfilling its pledge to return to growth this year as it prepares to spin off its low-growth legacy computer services unit.
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