IBM Shares Fall After Q3 Sales Miss
(NYSE: IBM) shares are falling after reporting a third-quarter sales miss.
Adjusted earnings came in at $2.68, beating estimates by a penny. Sales came in at $18.03 billion, missing estimates by $190 million. The company reaffirmed 2019 guidance, but was below consensus estimates.
"In the third quarter, as we continued to help clients with their digital reinventions, we grew revenue in our Cloud & Cognitive Software segment and in Global Business Services," said CEO Ginni Rometty. "Our results demonstrate that clients see IBM and Red Hat as a powerful combination and they trust us to provide them with the open hybrid cloud technology, innovation and industry expertise to help them shift their mission-critical workloads to the cloud."
- Revenue down 3.9%
- Revenue for Red Hat up 19%
- Cloud & Cognitive software up 6%
- Cloud revenue of $5 billion, up 11%
IBM shares traded down 2.5% to $138.50 in the after-hours session. The stock closed at $142.11 per share.
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