IBM revenue misses on weakness in legacy infrastructure unit

By Chavi Mehta (Reuters) -IBM on Wednesday missed market estimates for quarterly revenue as its managed infrastructure business suffered from a decline in orders ahead of a spinoff next month, sending its shares down 4% in extended trading. The lower-margin, legacy unit provides technical support to IBM’s clients and has shrunk in recent years as companies moved to the cloud, becoming a drag on Big Blue’s earnings. “As we issued the effective date for the spin-off of our managed infrastructure business, our clients paused all new project activities at the end of September and that impacted us here,” Chief Financial