IBM's hardware division posted a loss for the third quarter as the overall company reported lower sales and a revenue decline of 4%. "IBM has been challenged with changing the model on the hardware front, and now the growth markets are a surprise drop," said Chris Ambrose, a Gartner analyst. IBM CEO Ginni Rometty said in a statement that "We are taking action to improve execution in our growth markets unit and in the elements of our hardware businesses that are under performing." However, the company did report a 70% increase in cloud earnings.
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