IBM Corp reports £1.78 billion of net income in the fiscal third quarter

International Business Machines Corp. (NYSE: IBM) said on Monday that its revenue fell further in the fiscal third quarter. The company also refrained from giving future guidance due to the COVID-19 uncertainty. IBM is currently in the process of spinning off its IT infrastructure services business – a move that as per CFO James Kavanaugh will result in £1.78 billion of charges in the fiscal fourth quarter.   IBM slid close to 2.5% in extended trading on Monday. Including the price action, shares of the company are now trading at £94.28 versus £104.56 per share at the start of 2020.