Shares of International Business Machines (NYSE: IBM) were down on Thursday after the tech giant reported mixed third-quarter results. Weakness in the large global technology services segment contributed to a revenue miss, and the accounting aftermath of the Red Hat acquisition muddled the picture. IBM stock was down 6% at 12 p.m. EDT.
IBM reported third-quarter revenue of $18.0 billion, down 3.9% year over year and $190 million below the average analyst estimate. This number includes only a portion of Red Hat's revenue due to accounting rules surrounding the acquisition. Adjusted for currency and divestitures, IBM's revenue was down just 0.6%.
Image source: IBM.
Source Fool.com