International Business Machines Corp (NYSE: IBM) is trading lower Thursday after the company announced worse-than-expected third-quarter revenue results.
IBM reported quarterly earnings of $2.52 per share, which beat the estimate of $2.50 per share. The company reported quarterly revenue of $17.6 billion, which came in below the estimate of $17.77 billion.
"We continue to make progress in our software and consulting businesses, which represent our higher growth opportunities. With our increased focus and agility to better serve clients, we are confident in achieving our medium-term objectives of mid-single digit revenue growth and strong free cash flow generation," said Arvind Krishna, chairman and CEO of IBM.
Credit Suisse analyst Matthew Cabral maintained IBM with an Outperform rating and lowered the price target from $176 to $172.
IBM Price Action: IBM has traded as high as $152.84 and as low as $105.92 over a 52-week period.
The stock was down 6.68% at $132.42 at time of publication.
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