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International Business Machines Inc.'s revenue fell even more than expected in a results report released on Tuesday, and equities slid into after-hours transactions.
Revenues decreased by nearly $ 900 million to $ 18.18 billion from $ 19.07 billion in the same quarter of the previous year. IBM
IBM, + 0.86%
stocks slipped 1.3% after normal hours, following a 0.9% rise to close the regular session at $ 145.14.
The company reported net income of $ 1.59 billion in the first quarter, or $ 1.78 per share, compared with $ 1.68 billion, or $ 1.81 per share, over the same period last year. Previous exercise. Adjusted earnings were $ 2.25 per share. Analysts surveyed by FactSet were expecting a profit of 2.22 USD per share and an income of 18.47 billion USD.
Sales of cognitive solutions, technology services and cloud platforms fell by $ 11.91 billion, while analysts surveyed by FactSet had forecast $ 12.43 billion. The technology services and cloud platform include IBM Cloud, formerly Bluemix.
The global business services business figure remained steady at $ 4.12 billion, while analysts expected $ 4.19 billion. Global business services include consulting services for the modernization of enterprise design and business and cloud applications.
Systems revenue fell to $ 1.33 billion, while analysts expected $ 1.37 billion. The Systems business includes operating system software and the company's Central Computer business, including IBM's z14 line of servers.
For the year, IBM reiterated its adjusted earnings outlook of at least "13.90 USD" while analysts expected 13.91 USD per share.
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