International Business Machines Corp.’s (NYSE:IBM) shares fell in post-close trading after the company reported profit that missed estimates.
The stock dropped 5.2% to US$160.91 in extended trading.
Net income fell to US$1.68bln, or US$1.82 a share, from US$1.75bln, or US$1.86 a share, a year earlier, IBM said in a statement. Adjusted earnings were $2.35 a share. Revenue advanced to US$19.07bln from US$18.16bln. Analysts surveyed by FactSet estimated adjusted earnings of $2.42 a share on revenue of $18.83bln.
The company reiterated its forecast of earnings per share of US$13.80 for the full year.