Gerstner's jury is still out. (IBM chairman Lou Gerstner)
Economist (US), The, January, 1994
IBM announced a profit of $382 million for the fourth quarter of 1994, leading some to hope it had started a recovery, even though its loss for the year was a daunting $8.1 billion. Chairman Lou Gerstner has managed to cut operating costs, but revenues are falling just as fast.
HOPE, even in the sorry case of IBM, springs eternal. So when, on January 25th, the world's largest computer company announced that it had returned to profitability in the fourth quarter of 1993 (with a net profit of $382m), the unpalatable fact that IBM had lost $8.1 billion for the year as a whole was almost forgotten. No matter that, if provisions for recent changes to accounting laws are excluded from the calculation, this was the biggest-ever corporate loss; Big Blue was edging back into the...
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