Earnings report: IBM Corp. on Monday posted lower first-quarter sales, withdrew annual earnings guidance because of uncertainty caused by the coronavirus pandemic and took on a large restructuring charge, highlighting the challenges new Chief Executive Arvind Krishna faces in trying to revive the company’s fortunes, The Wall Street Journal reports. The results of the quarter come as IBM is trying to focus increasingly on the booming cloud-computing field while shedding more traditional but less-profitable parts of its business. Read the full story.
Corporate conservation: Amazon is investing $10 million to help conserve or restore forests in the Northeast as part of its pledge to be carbon neutral by 2040, the company announced this morning. According to CNBC, it marks the first investment from Amazon’s $100 million Right Now Climate Fund, which was first unveiled in September in partnership with The Nature Conservancy, and aims to restore and protect forests, wetlands and peatlands around the world. Read the full story.
FedEx impacted: The U.S. Postal Service is unlikely to shut down due to COVID-19, but changes in its volumes or operations could ripple to FedEx, USA Today reports. Memphis, Tennessee–based FedEx remains closely tied with the ailing Postal Service as both a major customer and provider. Alterations to the USPS may translate to risk for FedEx, the company warned in 2019. Read the full story.
