Shares of IBM (NYSE: IBM) fell 9.5% on Thursday after the global technology company's third-quarter results came up short of investors' expectations.
IBM's revenue inched up 0.3% year over year to $17.6 billion. Wall Street had been anticipating sales of nearly $17.8 billion.
Even after adjusting its results to reflect the upcoming sale of its Kyndryl managed infrastructure business, IBM's revenue rose only 2.5%. The company's key cloud and cognitive software business, which includes Red Hat, delivered sales of $5.7 billion, a 2.5% increase. That, too, was slightly below analysts' estimates for revenue of $5.8 billion.
Source Fool.com