U.S. markets close in 1 hour 40 minutes

  • S&P 500

    4,536.71
    +0.52 (+0.01%)
     

  • Dow 30

    35,492.00
    -117.34 (-0.33%)
     

  • Nasdaq

    15,174.04
    +52.36 (+0.35%)
     

  • Russell 2000

    2,289.72
    -0.04 (-0.00%)
     

  • Crude Oil

    82.16
    -1.26 (-1.51%)
     

  • Gold

    1,779.70
    -5.20 (-0.29%)
     

  • Silver

    24.10
    -0.34 (-1.39%)
     

  • EUR/USD

    1.1631
    -0.0022 (-0.19%)
     

  • 10-Yr Bond

    1.6800
    +0.0440 (+2.69%)
     

  • GBP/USD

    1.3781
    -0.0044 (-0.32%)
     

  • USD/JPY

    113.8900
    -0.4390 (-0.38%)
     

  • BTC-USD

    63,136.61
    -3,471.50 (-5.21%)
     

  • CMC Crypto 200

    1,495.70
    -38.95 (-2.54%)
     

  • FTSE 100

    7,190.30
    -32.80 (-0.45%)
     

  • Nikkei 225

    28,708.58
    -546.97 (-1.87%)
     

Why IBM Shares Are Falling Today

  • Oops!
    Something went wrong.
    Please try again later.
Adam Eckert
·1 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.

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.

View more earnings on 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.

Photo: Open Grid Scheduler from Flickr.

Latest Ratings for IBM

Oct 2021

Credit Suisse

Maintains

Outperform

Oct 2021

Credit Suisse

Maintains

Outperform

Oct 2021

Jefferies

Initiates Coverage On

Buy

View More Analyst Ratings for IBM
View the Latest Analyst Ratings

See more from Benzinga

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Recommended Stories

  • IBM revenue misses on weakness in legacy infrastructure unit

    (Reuters) -IBM on Wednesday missed market estimates for quarterly revenue as its managed infrastructure business suffered from a decline in orders ahead of a spinoff next month, sending its shares down 4% in extended trading. The lower-margin, legacy unit provides technical support to IBM's clients and has shrunk in recent years as companies moved to the cloud, becoming a drag on Big Blue's earnings. "As we issued the effective date for the spin-off of our managed infrastructure business, our clients paused all new project activities at the end of September and that impacted us here," Chief Financial Officer James Kavanaugh said in an interview.

  • IBM Earnings Were Fine in the Last Quarter Before Its Kyndryl Spinoff. The Stock Is Falling.

    Revenue was $17.6 billion, up 0.3%, but a little below the Wall Street analyst consensus forecast of $17.8 billion.

  • Crocs record Q3 revenues, IBM misses estimates, HP bullish profit forecast

    Brian Cheung, Julie Hyman and Brian Sozzi break down some of Thursday’s early earnings movers, including Crocs, IBM and HP.

  • IBM misses Q3 earnings estimates

    Yahoo Finance's Dan Howley breaks down the numbers to know from IBM's Q3 earnings report. 

  • IBM Misses Revenue Estimates on Drag From Legacy IT Unit

    (Bloomberg) -- International Business Machines Corp. reported revenue that missed analysts’ estimates, highlighting the challenge of fulfilling its pledge to return to growth this year as it prepares to spin off its low-growth legacy computer services unit. The shares dropped in extended trading.Most Read from BloombergGoogle’s Biggest Moonshot Is Its Search for a Carbon-Free FutureA $30 Billion Fortune Is Hiding in China’s Silicon ValleyForget Palm Springs—Santa Fe Is the New Mecca for Modern A

  • Why Abbott Shares Are Rising Today

    Abbott Laboratories (NYSE: ABT) is trading higher Wednesday after the company announced better-than-expected third-quarter financial results and raised guidance. Abbott reported quarterly earnings of $1.40 per share, which beat the estimate of 94 cents per share. The company reported quarterly revenue of $10.9 billion, which beat the estimate of $9.54 billion. Abbott raised its full-year 2021 earnings guidance from a range of $4.30 to $4.50 per share to a range of $5 to $5.10 per share versus th

  • 3 High-Yield Dividend Stocks to Buy If There's a Stock Market Crash

    With yields ranging from 4% to 10.3%, this trio is perfectly positioned to help income investors navigate volatility.

  • Seanergy Maritime Acquires 2010-Built Capesize Vessel For $34.3M

    Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) has agreed to purchase a Capesize vessel for .3 million. The Vessel, built-in 2010 at a shipyard in Japan, has a cargo-carrying capacity of 181,500 deadweight tons and will be renamed M/V Dukeship. The company expects the M/V Dukeship delivery within November 2021. Following her delivery, Seanergy's fleet will increase to 17 Capesize vessels with an aggregate cargo capacity exceeding 3 million dwt. Seanergy Maritime expects to fund the deal with ca

  • 10 Stocks Making Moves on Financial Results

    In this article, we will take a look at the 10 stocks making moves on financial results. You can skip our detailed analysis of these companies, and go directly to the 5 Stocks Making Moves on Financial Results. Investors are closely watching the third-quarter earnings season, with several big-cap companies releasing their financial results. Tesla, […]

  • Here’s what legendary investor Bill Miller said in his final investment letter

    There's only one Bill Miller, the fund manager who famously beat the S&P 500 for 15 years in a row, through to 2005. Here is what he said in his final investment letter

  • Dow Jones Falls As IBM Weighs, Nasdaq Rises As Tesla Reverses Higher

    Stocks were mixed midday Thursday, as the Dow Jones Industrial Average fell more than 100 points while the Nasdaq held a modest gain.

  • U.S. Economy Re-Accelerating as Delta Slows, Pimco’s Wilding Says

    (Bloomberg) -- The economic recovery is gaining speed as the spread of the coronavirus delta variant abates, according to Pacific Investment Management Co.’s Tiffany Wilding.Most Read from BloombergGoogle’s Biggest Moonshot Is Its Search for a Carbon-Free FutureA $30 Billion Fortune Is Hiding in China’s Silicon ValleyForget Palm Springs—Santa Fe Is the New Mecca for Modern ArchitectureBeef Industry Tries to Erase Its Emissions With Fuzzy Methane MathGoogle’s CEO: ‘We’re Losing Time’ in the Clima

  • Pinterest Should Say "Yes" if PayPal Is on Bended Knee

    If PayPal is willing to pay $70 a share for Pinterest it would be an offer the visual discovery engine may not want to refuse.

  • Wells Fargo: These 3 Stocks Are Poised to Surge by at Least 40%

    Inflation worries seem to be at the forefront of investors’ concerns right now. However, Mark Smith, senior vice president and portfolio manager at Wells Fargo Advisors, has a solution to put investors at ease: “One of the best ways to combat inflation is through buying equities.” The reopening is “on strong,” people have more money than they ever had, and the banks have kicked off the latest earnings season in style - all are reasons to be “extremely bullish," according to Smith. With this in m

  • Dow Jones Dips; Donald Trump SPAC Explodes; Tesla Stock Nears Buy Point As Demand Surges

    The Dow Jones fell. A Donald Trump SPAC exploded on news he is launching a social media platform. Tesla stock neared a new buy point

  • Google to Slash Fee It Takes From App Subscriptions in Half

    (Bloomberg) -- Alphabet Inc.’s Google is slashing the fees it takes from subscription services on its app store following pressure from developers and lawmakers. Most Read from BloombergGoogle’s Biggest Moonshot Is Its Search for a Carbon-Free FutureA $30 Billion Fortune Is Hiding in China’s Silicon ValleyForget Palm Springs—Santa Fe Is the New Mecca for Modern ArchitectureBeef Industry Tries to Erase Its Emissions With Fuzzy Methane MathGoogle’s CEO: ‘We’re Losing Time’ in the Climate FightBegi

  • Lam Research Tops Earnings Goal But Sales, Outlook Light

    Semiconductor equipment supplier Lam Research beat estimates for earnings in the September quarter but missed on sales.

  • Why Jim Cramer Is Calling The Bottom For AT&T's Stock

    Shares of AT&T Inc (NYSE: T) are trading slightly higher—although volatile— following better-than-expected third-quarter financial results. What Happened: AT&T reported quarterly adjusted earnings of 87 cents per share, which beat the estimate of 78 cents per share. The company reported quarterly revenue of $39.92 billion, which beat the estimate of $39.14 billion. Related Link: AT&T Shares Gain After Q3 Earnings, HBO Strength, Robust Full Year Outlook Cramer's Take: 'I'm willing to say this is

  • Regulator seeks transparency for payment systems of big tech

    In its first significant action under a new director, the Consumer Financial Protection Bureau is ordering Apple, Amazon, PayPal and other tech giants to reveal how their proprietary payment networks function. Apple Pay, Google Pay and other payment systems created by big tech companies now dominate large portions of e-commerce and person-to-person payments and CFPB Director Rohit Chopra is seeking more transparency, as well as more details about what consumer protections have been put in place.

  • Trump’s SPAC Deal Reaches Back to ’80s With EF Hutton as Adviser

    (Bloomberg) -- The deal to take former President Donald Trump’s media firm public relies on a storied name from decades ago.Most Read from BloombergGoogle’s Biggest Moonshot Is Its Search for a Carbon-Free FutureA $30 Billion Fortune Is Hiding in China’s Silicon ValleyForget Palm Springs—Santa Fe Is the New Mecca for Modern ArchitectureBeef Industry Tries to Erase Its Emissions With Fuzzy Methane MathGoogle’s CEO: ‘We’re Losing Time’ in the Climate FightA firm that revived the EF Hutton brand, k