RTTNews | Oct 21, 2021 07:26AM EDT

07:26 Thursday, October 21, 2021 (RTTNews.com) - Shares of International Business Machines Corporation (IBM) are down more than 4% in the pre-market on Thursday following third-quarter results.

Net income in the third quarter declined to $1.13 billion or $1.25 per share from $1.698 billion or $1.89 per share a year ago.

Excluding items, earnings were $2.52 per share, that beat the average estimate of analysts polled by Tomson Reuters at $2.50 per share.

Revenue for the quarter increased 0.3% to $17.618 billion from $17.56 billion, helped by 2.5% growth in cloud & cognitive software sales and 11.6% rise in global business services revenue.

IBM said its revenue increased 2.5% in the quarter, normalized to exclude Kyndryl to be separated in November.

The company posted 4.8% lower revenue in global technology services, systems revenue was down 11.9% and a 19.2% decline in global financing sales.

IBM closed Wednesday's regular trade at $141.90, down $0.08 or 0.06%. The stock is currently at $135.26.

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