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

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.