(Bloomberg) -- IBM forecast second-quarter profit that fell short of analysts’ projections, signaling its multiyear effort to become a purveyor of cloud products and technology using artificial intelligence won’t soon stop its four-year sales slump.

About 38 percent to 39 percent of the company’s full-year earnings forecast of at least $13.50 per share will come in the first half, Chief Financial Officer Martin Schroeter said Monday. That projects to about $2.78 to $2.92 a share, compared with the $3.45 average of analysts’ estimates compiled by Bloomberg.

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