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Reuters

IBM revenue misses on weakness in legacy infrastructure unit

(Reuters) -IBM on Wednesday missed market estimates for quarterly revenue as its managed infrastructure business suffered from a decline in orders ahead of a spinoff next month, sending its shares down 4% in extended trading. The lower-margin, legacy unit provides technical support to IBM’s clients and has shrunk in recent years as companies moved to the cloud, becoming a drag on Big Blue’s earnings. “As we issued the effective date for the spin-off of our managed infrastructure business, our clients paused all new project activities at the end of September and that impacted us here,” Chief Financial Officer James Kavanaugh said in an interview.