Tech giant IBM Corp. (NYSE: IBM) on Monday said its third-quarter revenues and profit declined, hurt mainly by the disruption caused by the pandemic. The top-line, however, surpassed experts’ prediction, while earnings matched.
Weakness in the performance of the main business segments weighed on the company’s top-line performance and revenues dropped 3% to $17.56 billion, which was slightly above the consensus forecast.
Consequently, adjusted earnings declined to $2.58 per share in the September-quarter from $2.68 per share in the same period of fiscal 2019. Net profit was $1.70 billion or $1.89 per share, up from last year’s income of $1.67 billion or $1.87 per share. The outcome was in line with analysts’ forecast.
Read management/analysts’ comments on IBM’s Q3 2020 earnings
Though shares of IBM bounced back from the COVID-induced selloff, they are currently trading 7% below the levels seen at the beginning of the year. The stock closed Monday’s trading down 1% and continued to lose during the after-hours session.