Intel and IBM fail to impress

City A.M. Reporter
IBM and Intel last night got the US tech earnings season off to a gloomy start, with the former missing revenue forecasts and the latter spooking investors with a downbeat forecast.

IBM reported a five per cent drop in quarterly revenues to $24.7bn, compared to forecasts of $25.4bn, but repeated its outlook for the year.

Intel reported quarterly revenues of $13.5bn, beating forecasts that were pared back following a profit warning in September.