IBM's quarterly revenue sinks to 5-year low as hardware sales fall

IBM Corp reported its lowest quarterly revenue in five years on Wednesday as the company struggles with falling demand for its storage and server products. Revenue from the hardware business, which includes servers and systems storage, plunged 23 percent to $2.4 billion. IBM has been restructuring its business, with job reductions and the sale of its low-end server business to Chinese PC maker Lenovo Group Ltd for $2.3 billion in January, in efforts to achieve its targeted operating earnings of $20 per share by 2015. IBM warned that its hardware business may continue to face hurdles.

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