IBM's Weaknesses Offset Strong Second-Quarter Earnings
IBM shares are set to open at their lowest level of the year.
IBM Corp. (IBM) - Get Report shares are set to open at their lowest level of the year Wednesday after revealing its 21st consecutive quarter of year-on-year sales declines after the bell yesterday.
IBM shares were marked 2.6% in premarket trading in New York, indicating and opening price of $149.99, the lowest since October 2016. Shares closed at $154 on Tuesday after rising 0.65% on the session.
The Armonk, N.Y.-based company reported weaker-than-expected revenue Tuesday for the second quarter. IBM posted adjusted earnings of $2.97 per share, which beat analysts' estimated $2.74 per share. Revenue came in at $19.3 billion, however, falling short of Wall Street's projected $19.5 billion.
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