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Intel and IBM fail to impress
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.