IBM sinks on revenue miss

Neilson Barnard/GettyIBM CEO Ginni Rometty

Wall Street was not happy with IBM on Tuesday after the tech company reported third quarter revenue that fell short of expectations.

IBM’s revenues for the quarter were down 2% from the same quarter last year. Analysts were expecting $US19.1 billion but the company brought in just $US18.8 billion.

Here’s what IBM reported:

  • Revenues for the quarter (GAAP) were $US18.8 billion, down 2% from the same time last year. This is compared to analyst expectations of $US19.1 billion.
  • Earnings per share for the quarter(non-GAAP) were $US3.42. This is compared to analyst expectations of $US3.40.
  • Earnings per share guidance for 2018(non-GAAP) is $US13.80. This is compared to analyst expectations of $US13.80.

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