IBM Beats Quarterly Revenue Estimates, Warns of $3.5 Billion Forex Hit

IBM Beats Quarterly Revenue Estimates, Warns of $3.5 Billion Forex Hit
A man stands near an IBM logo at the Mobile World Congress in Barcelona, Spain on Feb. 25, 2019. Sergio Perez/Reuters
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IT hardware and services company IBM Corp beat quarterly revenue expectations on Monday but warned the hit from forex for the year could be about $3.5 billion due to a strong dollar.

A hawkish Federal Reserve and heightened geopolitical tensions have driven gains in the dollar against a basket of currencies over the last year, prompting companies with sizeable international operations, including Microsoft and Salesforce, to temper expectations.