IBM Falls after the sales forecast has been cut


IBM’s latest earnings report shows a continued sales slump, as weak hardware sales and a strong dollar brought revenue down for the 14th quarter in a row.
The results were better than Wall Street expected for earnings, but revenue missed estimates. IBM’s shares nearly 5 percent in late trading Monday after IBM announced the results and also lowered its guidance for the full year.
IBM reported third-quarter profit of $2.95 billion on revenue of $19.28 billion. Earnings amounted to $3.01 per share, or $3.34 per share after adjusting for costs related to acquisitions and non-recurring expenses.
Analysts surveyed by Zacks Investment Research were expecting adjusted earnings of $3.30 a share, on revenue of $19.64 billion.