IBM sinks on revenue miss

IBM CEO Ginni Rometty

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IBM CEO Ginni Rometty
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Neilson Barnard/Getty

Wall Street was not happy with IBM on Tuesday after the tech company reported third quarter revenue that fell short of expectations.

IBM’s revenues for the quarter were down 2% from the same quarter last year. Analysts were expecting $19.1 billion but the company brought in just $18.8 billion.

Here’s what IBM reported:

  • Revenues for the quarter (GAAP) were $18.8 billion, down 2% from the same time last year. This is compared to analyst expectations of $19.1 billion.
  • Earnings per share for the quarter (non-GAAP) were $3.42. This is compared to analyst expectations of $3.40.
  • Earnings per share guidance for 2018 (non-GAAP) is $13.80. This is compared to analyst expectations of $13.80.