IBM fell as much as 6% premarket after Q1 earnings missed the mark and revenue fell 5.1% Y/Y. Hardware division sales fell 17%, with management blaming execution rather than the economy. Moving quickly, the company promises "substantial actions," including job cuts and the sale of some businesses. The company is reportedly in talks with Lenovo to sell its low-end server division and a published report in France says IBM plans to cut up to 14% of its workforce in that country.
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