IBM said Monday it had beaten analysts' earnings estimates, but missed revenue expectations for its third quarter.
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.
"EPS is affected by the value of the dollars you earn overseas which just aren't as strong," Ariel Investments' Charlie Bobrinskoy told CNBC. "We've got weakness in Asia, we've got some weakness in parts of Europe. So I think IBM's a perfect example. We're very long term bullish on it but I think it's going to be a very choppy quarter."
—CNBC's Everett Rosenfeld contributed to this report