Shares of computer titan IBM (NYSE:IBM) fell 2.5% in after-hours New York trade as the group reported revenues falling in its latest quarter again.
It came as growth shown in its higher-margin businesses, including cloud and AI (artificial intelligence) services, failed to make up for declines across legacy business segments.
IBM misses revenue estimates, weighed down by legacy businesses https://t.co/cd38HWYock pic.twitter.com/6MelpUKZFl
— Reuters Top News (@Reuters) 19 July 2017
Revenue in tech services and cloud, the largest business, dropped 5.1% to US$8.41bn, against analyst expectations of $8.58bn.
Later share dropped even more on Wednesday, losing 4.31% to $147.16.
Meanwhile, United Continental Holdings Inc (NYSE:UAL) shares plunged almost 4% despite it posting quarterly earnings and revenue that beat analysts' expectations. The firm is undergoing a recovery after a public relations disaster after a passenger was forcibly removed from one of its flights.
EPS (earnings per share) was $2.75 each, against expected EPS of $2.67 a share.
Revenue was $10bn in the three months, versus $9.97 billion, which was expected. In the rgular session shares dropped over 6% to around $74.
Finally to the pharma space and Vertex Pharmaceuticals (NASDAQ:VRTX) shares rocketed over 27% to $168.25 in after hours trade after it said its treatment improved lung function in patients with cystic fibrosis.
The biotech said data from clinical studies of candidates VX-152 and VX-440 showed an up to 12% average improvement in lung function.
Later shares were up around 21% to $160.13.