(Bloomberg) -- IBM’s stock dropped to almost a five-year low after the company cut its profit forecast, underscoring the difficulty of trying to reinvent itself as a powerhouse in cloud computing and data analytics.The shares tumbled 5.4 percent to $141.23 at 11:07 a.m. Tuesday in New York. The stock earlier fell to $140.50, its lowest intraday price since late October 2010.
With a looming global economic slowdown and a strong dollar crimping revenue earned overseas, where International Business Machines Corp. gets the majority of sales, the company on Monday lowered its full-year profit forecast, excluding some items, to $15.25, plus or minus 50 cents. That compares with IBM’s previous outlook of $15.75 to $16.50.
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