IBM shares fall as quarterly revenue misses estimates
International Business Machines Inc. shares declined in the extended session Tuesday after the tech giant’s revenue came in light even though adjusted earnings topped Wall Street estimates.
The company reported first-quarter net income of $1.59 billion, or $1.78 a share, compared with $1.68 billion, or $1.81 a share, in the year-ago period. Adjusted earnings were $2.25 a share.Analysts surveyed by FactSet had forecast earnings of $2.22 a share on revenue of $18.47 billion.
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