IBM on earnings: We're disappointed with performance

From cnbc.com

IBM on Monday posted earnings that fell well short of analysts' expectations, with the company saying it is "disappointed" with its performance. The tech giant reported earnings excluding items of $3.68 a share on revenue of $22.40 billion. IBM had been expected to post earnings excluding items of $4.31 a share on revenue of $23.37 billion. The news comes after the company announced plans to pay contract-chipmaker Globalfoundaries $1.5 billion to offload its loss-making chip business. As part of the deal, it will take a $4.7 billion pretax charge.