Friday, 24 March, 2023

Despite beating revenue estimates, IBM warns of $3.5B forex hit

<p>IBM Corp exceeded expectations in terms of quarterly sales but issued a warning that a strong dollar could result in a $3.5B forex impact for the year. IBM&#39;s chief financial officer, James Kavanaugh, told that the company now anticipates a sales blow from foreign exchange of around 6% this year. It had previously predicted a hit of between 3% and 4%. According to Kavanaugh, the stronger U.S. currency reduced revenue by $900M in the second quarter.</p>