(Bloomberg) -- IBM missed estimates for quarterly revenue, with sales in a key unit declining for the second consecutive period, further extending Chief Executive Officer Ginni Rometty’s turnaround plan into its fifth year without significant progress.
Sales in the company’s technology services and cloud platforms segment dropped 5.1 percent from the same period a year earlier, even though executives had said in April that they expected key contracts to come through in the quarter. The unit is a marker for the strength of the company’s push into newer technologies. Total revenue fell to $19.3 billion, IBM said in a statement Tuesday, the 21st straight quarter of year-over-year declines.
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