IBM experiences dip in revenues for third consecutive quarter

IBM has reported a 2.5% decrease in revenues for the third consecutive quarter this year.

For the third quarter of 2020, the US tech company reported $17.6 billion compared to $18 billion in the corresponding quarter last year.

However, their net income experienced a slight increase, amounting to $1.7 billion due to the company’s cost-cutting strategies, according to the earnings report.

Shares were reportedly down by 2.6% in after-market trades however, it experienced some growth in its cloud computing business. In fact, IBM shares are down 6% since the beginning of the year.