RTTNews | Oct 21, 2021 12:48PM EDT

12:48 Thursday, October 21, 2021 (RTTNews.com) - New York-based tech company, International Business Machines Corporation (IBM) is trading 8% lower in the market after reporting a declined net income year-over-year. However, the earnings managed to trump analyst estimates. Net income in the third quarter dropped to $1.13 billion or $1.25 per share from $1.698 billion or $1.89 per share in the same quarter last year. Excluding special items, earnings were $2.52 per share. On average, 12 analysts polled by Thomson Reuters expected the earnings to be $2.50 per share for the quarter. Revenue for the quarter increased 0.3% to $17.618 billion from $17.56 billion, helped by 2.5% growth in the cloud & cognitive software sales and an 11.6% rise in global business services revenue. The stock is trading at $130.02, down $11.88 or 8.37% since its previous close at $141.90. The stock opened at $133.51 in the morning. In the 52-week period, the shares have ranged between $105.92 and $152.84.

Read the original article on RTTNews ( https://www.rttnews.com/3234577/ibm-drops-8-on-narrower-profit-in-q3.aspx)

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2021 RTTNews.com All Rights Reserved