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(Reuters) – International Business Machines Corp reported a 12 percent fall in first-quarter revenue as the technology company continues to shed unprofitable businesses to focus on cloud-computing initiatives. It was the 12th straight quarter that the Armonk, New York-based company reported a drop in quarterly revenue, including the effects of currency. IBM's revenue has been shrinking for three years now as the company sheds low-profit businesses such as cash registers, low-end servers and semiconductors and focuses on emerging areas such as security software and cloud services, but the new businesses have so far failed to make up for revenue lost to divestitures. Some top shareholders have sought help from activist investors to shake up the company, Reuters reported earlier this month IBM did say that it has generated $7.7 billion in total cloud revenue over the past 12 months, up sharply from the year before.

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By Bill Rigby SEATTLE (Reuters) – IBM has uncovered a sophisticated fraud scheme run by a well- funded Eastern European gang of cyber criminals that uses a combination of phishing, malware and phone calls that the technology company says has netted more than $1 million from large and medium-sized U.S. companies. The scheme, which IBM security researchers have dubbed “The Dyre Wolf,” is small in comparison with more recent widespread online fraud schemes but represents a new level of sophistication. According to IBM, since last year the attackers have been targeting people working in companies by sending spam email with unsafe attachments to get a variant of the malware known as Dyre into as many computers as possible. If installed, the malware waits until it recognizes that the user is navigating to a bank website and instantly creates a fake screen telling the user that the bank's site is having problems and to call a certain number.

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By Matthew Miller and Gerry Shih BEIJING (Reuters) – IBM Corp will share technology with Chinese firms and will actively help build China's industry, CEO Virginia Rometty said in Beijing as she set out a strategy for one of the foreign firms hardest hit by China's shifting technology policies. IBM must help China build its IT industry rather than viewing the country solely as a sales destination or manufacturing base, Rometty said at the China Development Forum, an annual Chinese government-sponsored conference bringing together business executives and China's ruling elite.