10/20, 4:51 PM (Source: TeleTrader)
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Chart for: International Business Machines Corp

IBM drops over 6% after reduced earnings

International Business Machines Corporation (IBM) stock has been under pressure on Tuesday, plunging over 6% as a result of the third-quarter revenue announcement.

According to the report, the company's revenue for the third quarter of fiscal 2020 amounted to $17.6 billion, declining 2.6% from the same trimester last year. Diluted earnings per share landed at $1.89 in the same three-month span, climbing 1% on an annual basis, while net income was increased 2% year-over-year to reach $1.7 billion in the same quarter.

IBM's stock dropped 6.33% at 10:50 ET, selling for $117.55.

Breaking the News / CG