IBM Reports 18.1% Profit Drop
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Associated Press
NEW YORK — International Business Machines Corp. said today its second-quarter profit fell 18.1%, but would have risen 12.7% if not for the expense of a streamlining plan. Last month, IBM announced a $600-million plan to consolidate manufacturing and headquarters operations that it said will probably lead to the resignation or retirement of 3,000 to 4,000 employees.
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