IBM Beats On Earnings But Notches 16th Quarterly Drop In Revenue

By Markets MarketWatch Pulse

International Business Machines Corp. rose in Monday's extended session after the technology giant turned in better-than-expected earnings but posted an year-on-year drop in revenue for a 16th straight quarter. IBM reported its first-quarter earnings slid to $2.01 billion, or $2.09 a share, from $2.33 billion, or $2.35 a share, a year earlier. Excluding charges and items, Big Blue would have earned $2.35 a share. Revenue declined to $18.68 billion versus $19.59 billion. Analysts surveyed by FactSet had forecast adjusted earnings of $2.09 a share on revenue of $18.29 billion. IBM shares climbed 1.3% in after-hours trading.

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