IBM shares fell more than 5 percent in after-hours trading Monday after the company announced third-quarter revenues that missed expectations, and offered weaker than expected guidance for the year.
The tech giant reported earnings of $3.34 per share on $19.28 billion in revenue. Analysts had expected IBM to report earnings of about $3.30 a share on $19.62 billion in revenue, according to a consensus estimate from Thomson Reuters.
IBM's revenue figure came in below the Wall Street low: The lowest revenue estimate of 17 analysts for the quarter was $19.292 billion. Monday's announcement marked the 14th straight quarter that IBM's revenues fell.
Still, the company said its revenue change — a 19 percent decline from the same time last year — was only a 1 percent fall adjusting for currency and other factors.
"A few things to note...within the revenue we report we have a pretty substantial currency headwind we continue to deal with and as we transform our business we continue to move out of areas where we don't see long term value, so across our revenue base that's about 13 points of impact so excluding those two in the third quarter we reported a down about 1 percent revenue," IBM CFO Martin Schroeter told CNBC after the earnings report.