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They’re particularly interested in IBM Corp’s disk drive business at the San Jose Mercury because it is of course run from San Jose, and they have spotted from the annual report that IBM breaks out the figures clearly for the first time and show that it has been doing rather worse than anyone had realised: the unit has seen double-digit sales declines in each of the last three years, slumping to $5,100m in 1993, down nearly 20% on 1992, which was itself down 12% on the $7,200m that Storage Systems recorded in 1991; the company did not disclose profit figures – but that kind of decline implies very substantial losses.

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CBR Staff Writer

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