International Business Machines Corp. (IBM) said it will no longer reach its earnings forecast for 2015, ditching a five-year profit goal as the company struggles to transform quickly enough to cope with an industrywide shift to the cloud-computing era.
IBM said it will provide an update on its 2015 projections in January, according to slides disclosed in a regulatory filing today. The shares tumbled as much as 9.3 percent in early trading.