IBM Reports 1Q14 Revenue of $22.5 Billion
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For the quarter, IBM reported revenue of $22.5 billion, for a four percent year-over-year decline. The biggest drag on IBM's revenue was its Systems and Technology hardware unit, with reported revenue of $2.4 billion for a 23 percent year-over-year decline.
"We had strong growth in software, but hardware performance, especially in the U.S. remains challenged," Martin Schroeter, Chief Financial Officer and Senior Vice President, Finance and Enterprise Transformation at IBM, said during his company's earnings call.