The downside of the strong growth in non-US business at IBM in 1988, highlighted in our piece yesterday, is that the company had a dismal year in the US, where net profits appear to have come out at only $1,700m, down 10% on those for 1987, and turnover in the US also slipped 0.8% to $25,300m, leaving IBM extremely exposed if the dollar climb against the currencies in its major foreign markets this year.
IBM HAD A DISMAL 1988 IN THE US
