IBM Turns Red After Earnings, Another Revenue Decline for Big Blue

Keep an eye on shares of International Business Machines Corp. (IBM) in Tuesday’s trading session. The technology giant released its second-quarter financial results after the closing bell Monday. For the second quarter, the company posted a profit of $3.84 a share to top Wall Street estimates by 6 cents a share. IBM raked in revenue of $20.8 billion, slightly below analysts' expectations, according to Thomson Reuters data. Big Blue posted another period of year over year revenue declines, marking its 13th straight quarter. Analysts are saying that this was not a blowout quarter, even amid the company's efforts to shed some of its unprofitable businesses. The technology company noted that currency impact hurt revenue significantly, by $2 billion in the period. Revenue losses from divestitures amid its effort to transform and adapt its businesses weighed on the company's financial results. Big Blue has been trying to shed its unprofitable hardware businesses. The company has plans to reorganize itself around the more promising growing markets including cloud computing, the Internet of things, and business analytics. TheStreet's Kurumi Fukushima reports in New York.