IBM misses target again

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IBM, the world’s largest technology services company, reported quarterly revenue that missed estimates for the fourth straight quarter, due to a steep fall in demand for servers and storage products in emerging markets such as China.

International Business Machines Corp shares fell 3.5 per cent to $181.68 (£110.26) in after-hours trade. Chief executive Ginni Rometty said she and her team would forego their annual incentive payments for 2013, as IBM failed to grow revenue, especially in growth markets such as China.

The company is a significant employer in Leeds.