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IBM revenue misses estimates as hardware sales fall

International Business Machines Corp reported lower-than-expected quarterly revenue as the company struggles with falling demand for its storage and server products.IBM shares fell about 4 percent to $189 in after-hours trade.Total revenue fell 4 percent to $22.5 billion in the first quarter, below analysts' average estimate of $22.91 billion.Hardware revenue plunged 23 percent to $2.4 billion, while systems storage revenue also fell 23 percent.Only software business showed some growth, with revenue rising 1.6 percent to $5.66 billion.Revenue in the Americas fell 4 percent, while revenue from Asia Pacific countries dropped 12 percent and declined 11 percent in emerging markets such as Brazil, Russia, India and China.The world's largest technology services company's net profit fell to $2.38 billion, or $2.29 per share, from $3.03 billion, or $2.70 per share, a year earlier.On an adjusted basis, the company earned $2.54 per share, in line with analysts' average estimate, according to Tho...

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