A sharp drop in shares of International Business Machines Inc. accelerated into the close of trading Wednesday, a day after the company reported shrinking quarterly revenue that took some shine off its recent turnaround momentum.

Shares finished down 7.6% at $134.05, a decline that sliced 75 points off the Dow Jones Industrial Average and sent the stock to its lowest close in more than two and a half years. Shares are down more than 15% from a year ago.