ARMONK, N.Y. ( TheStreet) -- With heavy hitters like Wal-Mart (WMT), JPMorgan Chase (JPM) and Citigroup (CITI) among IBM's major customers, the tech giant's third-quarter revenue miss raised concerns about a domestic IT spending slowdown.
But closer inspection reveals Big Blue saw 4% revenue growth in its U.S. business, which is the company's largest market, and that European sales grew 8% year over year. Overall, revenue from major markets was flat on a constant currency basis, and IBM's main area of weakness was Japan, where revenue fell 10% year over year.
|IBM reported its third-quarter results after market close on Monday|
Investors, used to strong outperformance from IBM, pushed the bellwether's stock down $10.04, or 5.35%, to $176.55 on Tuesday. That reaction looks a bit harsh based on the slightness of the shortfall, but IBM usually delivers a strong beat on the top line, and the stock's year-to-date gain of nearly 30% showed expectations were high ahead of the report."Investors have grown accustomed to healthy revenue upside from
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