NEW YORK (TheStreet) -- Shares of International Business Machines (IBM) were slumping, down 5.32% to $164 in pre-market trading Tuesday, after the company released its mixed second quarter earnings results after the closing bell yesterday.
For the second quarter, IBM earned $3.84 per share and raked in revenue of $20.8 billion.
Analysts were expecting the technology company to report earnings of $3.78 per share on revenue of $20.95 billion for the period, according to Thomson Reuters data.
In the same quarter of last year, IBM posted earnings of $4.43 per share on $24.36 billion in revenue.
Big Blue posted another period of year over year revenue declines, marking its 13th straight quarter. The technology company noted that currency impact hurt revenue.
The company has been trying to shed its unprofitable hardware businesses, and reorganize itself around the more promising growing markets including cloud computing, the Internet of things, and business analytics.
Armonk, N.Y.-based IBM is an information technology company operating in five segments including global technology services, global business services, software, systems and technology and global financing.
Separately, TheStreet Ratings team rates INTL BUSINESS MACHINES CORP as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate INTL BUSINESS MACHINES CORP (IBM) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its notable return on equity, good cash flow from operations, growth in earnings per share and expanding profit margins. We feel its strengths outweigh the fact that the company has had lackluster performance in the stock itself."
You can view the full analysis from the report here: IBM Ratings Report