IBM beats targets but sees revenues decline for 22nd quarter in a row

IBM beat Wall Street expectations in its third-quarter financial results on Tuesday, sending its stock up about 3% in after-hours trading.

Even so, IBM failed to put an end to its 22-quarter revenue decline.

Here’s what the company reported:

• Revenues (GAAP) were at $US19.15 billion, down from $US19.23 billion in the year ago period, but above analyst estimates of $US18.59 billion.
• Earnings per share (non-GAAP) were at $US3.30, compared to analyst estimates of $US3.28.
• Projected earnings for fiscal 2017 (non-GAAP) are $US13.80, compared to analyst estimates of $US13.75.

Get the latest IBM stock price here.

NOW WATCH: Tech Insider videos

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.