International Business Machines (IBM) Disappoints, Shares Falling

Armonk, New York based International Business Machines Corp. IBM announced on Monday after the market closed that it just beat consensus Wall Street earnings estimates but missed consensus revenue estimates. International Business Machines (IBM) reported that its 2nd quarter earnings rose 13% to $2.61 per share, up from $2.32 per share, a year earlier. This marked the 30th consecutive quarter of EPS growth. Although earnings growth was healthy, revenue was up only 2% to $23.7 billion. According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of $2.58 per share, on revenue of $24.17 billion. Shares of IBM fell 2.06% to $128.03 per share on Friday, before climbing back up 1.37% during Monday trading. However, the earnings report disappointed investors and the stock was falling again during the Monday after hours session. Analysts covering the stock have a consensus price target of $143.93 per share. Read more from Benzinga's Company news.