IBM (IBM) Stock Falls Over 4% as Third Quarter Revenues Miss Street

IBM (NYSE: IBM) shares were trading more than 4% lower after-hours following the company’s Q3 report, with EPS coming in at $2.52, better than the Street estimate of $2.50.

Quarterly revenue of $17.6 billion, which was lower than the consensus estimate of $17.77 billion, was driven by Consulting and Software.

According to Arvind Krishna, Chairman and CEO of IBM, the company takes the next step in its evolution as a platform-centric hybrid cloud and AI company, with the separation of Kyndryl early next month.

Adjusted free cash flow in the quarter was $1.2 billion. The company returned $1.5 billion to shareholders in dividends.

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