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Market News - Part 1 | Part 2
IBM profits slump in 2002
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Sam Palmisano: a tough environment
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Global IT vendor IBM’s net profits fell by more than 50% to $3.6 billion last year, on turnover down 2% at
$81.2 billion.
Despite the fall, IBM succeeded in its strategy of building its services business, with its Global Services operation achieving 2002 revenues of
$36.4 billion – an increase of 4% on the previous year. This total includes revenues from PwC Consulting, which IBM acquired in October 2002 at a cost of $3.5 billion.
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IT Services and Solutions 2003
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