IBM, Twitter forge partnership on data analytics

IBM
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IBM said it forged a partnership with Twitter Wednesday to deliver data analytics as it looks to move away from its hardware business. The data will be available though IBM's cloud service.

IBM said the venture would give firms access to a new class of data and transform enterprise decisions.

IBM shares were flat after the announcement, while Twitter shed more than 2 percent.

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The company's business analytics revenue is up about 8 percent year-to-date.

Last week, IBM handed in disappointing third-quarter earnings due to a slowdown in "client buying behavior, and our results also point to the unprecedented pace of change in our industry," the company said in a statement.

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"While we did not produce the results we expected to achieve, we again performed well in our strategic growth areas—cloud, data and analytics, security, social and mobile—where we continue to shift our business. We will accelerate this transformation," CEO Ginni Rometty said in the release.

Earlier, IBM announced that its board had approved a $5 billion share buyback in addition to the $1.4 billion remaining from its existing program. The company has been criticized for pursuing buybacks at the expense of investment in new technology.

--Reuters contributed to this report.