IBM is hitting a rough patch financially as it shifts its strategy from hardware to cloud, mobile and analytics technology.

The company, considered a technology bellwether for the scope of its product portfolio and geographical breadth, reported Monday that profit and revenue declined in the third quarter.

“We are disappointed in our performance. We saw a marked slowdown in September in client buying behavior, and our results also point to the unprecedented pace of change in our industry,” CEO Ginni Rometty said in a statement.

IBM results indicate that the company is finding it tough to keep up with the change. Third-quarter net income was $3.5 billion compared with $4.1 billion in the third quarter of 2013, a decrease of 17 percent. Revenue was down 4 percent year-on-year to $22.4 billion.

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