IBM on Monday reported a 12 percent fall in first-quarter revenue as the technology company continues to shed unprofitable businesses to focus on cloud-computing initiatives. The company's revenue total revenue fell to $19.6 billion from $22.2 billion.

Net income fell slightly to $2.33 billion for the quarter ended March 31 from $2.38 billion a year earlier.

IBM’s new initiatives like cloud computing, data analytics and social and mobile products accounted for only about 27 percent of the business last year.