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NEW YORK (AP) - International Business Machines Corp. further roiled a queasy week on Wall Street with a surprise announcement that its first-quarter earnings fell below analysts' expectations, hurt by an inability to close sales and higher pensions expenses.
In response, the company on Thursday hinted at a "sizable restructuring," with a published report saying IBM will slash thousands of jobs in Europe.
The IBM report, initially slated for Monday, comes at a tough time for investors: The Dow Jones Industrial average hit a five-month low Thursday, while the tech-laden Nasdaq Composite Index dropped to its lowest point in six months.
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