IBM have reported a 5 percent decline in revenue for the first quarter of 2013 after the IT giant was unable to close on several major contracts by the end of the quarter.

IBM reported revenue of $23.4 billion for the first quarter as the company feels the impact of the market slump for PC products and services, as mobile devices and tablets compete for sales.

The business saw strong revenue decline in Asia-Pacific regions in comparison to U.S. and European markets, with a 7 percent loss in first quarter revenue.

Ginni Rometty, IBM chairman, president and chief executive officer, said in a statement: “Despite a solid start and good client demand we did not close a number of software and mainframe transactions that have moved into the second quarter".

Due to the inability of IBM to sign several large deals by the end of quarter results deadline, expectations now lie on reports of strong results from the second quarter of 2013.

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