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10/20, 10:09 PM (Source: TeleTrader)
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IBM+1.56%

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Chart for: International Business Machines Corp

IBM's Q3 revenue up 0.3% to $17.6B, EPS drop 34%

International Business Machines Corporation (IBM) unveiled on Wednesday that its revenue for the third quarter of fiscal 2021 amounted to $17.6 billion, 0.3% higher compared to the same trimester last year.

Diluted earnings per share landed at $1.25 in the same three-month period, dropping 34% on an annual basis, while net income plunged 33% year-over-year to land at $1.1 billion in the same quarter.

"We continue to make progress in our software and consulting businesses, which represent our higher growth opportunities. With our increased focus and agility to better serve clients, we are confident in achieving our medium-term objectives of mid-single digit revenue growth and strong free cash flow generation," CEO Arvind Krishna commented.

IBM stocks tumbled near 5% in the after-hours trading following the release.

Breaking the News / BU