10/16/2019, 10:11 PM (Source: TeleTrader)
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Chart for: International Business Machines Corporation

IBM says revenue lands at $18B in Q3

International Business Machines Corporation announced on Wednesday that its third-quarter revenue came in at $18 billion, falling below analyst predictions and 4% lower year-over-year. Earnings per share on an adjusted basis were $2.68 in the same period, IBM said.

During the third quarter, IBM acquired software company Red Hat. "Our results demonstrate that clients see IBM and Red Hat as a powerful combination and they trust us to provide them with the open hybrid cloud technology, innovation and industry expertise to help them shift their mission-critical workloads to the cloud," Chief Executive Ginni Rometty said.

Due to the acquisition, the tech giant also lowered its full-year earnings estimate. Shares of IBM dipped over 3% in after-hours trading following the release of the company's earnings.

Breaking the News / JC