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IBM tumbles 7% in pre-market trading after it misses revenue estimates in 4th-quarter earnings

Published by Business Insider on Fri, 22 Jan 2021


<p><img src="https://static5.businessinsider.com/image/600ab013c94799001992cb61-2400/2021-01-07T111120Z1LYNXMPEH060R5RTROPTP4CHINA-CYBER-CLOUDHOPPER.JPG" border="0" alt="2021 01 07T111120Z_1_LYNXMPEH060R5_RTROPTP_4_CHINA CYBER CLOUDHOPPER.JPG" data-mce-source="The IBM stock price fell after it said the COVID-19 pandemic hit its software revenues" data-mce-caption="Sergio Perez/Reuters"></p><p></p><bi-shortcode id="summary-shortcode" data-type="summary-shortcode" class="mceNonEditable" contenteditable="false">Summary List Placement</bi-shortcode><p><a href="https://markets.businessinsider.com/stocks/ibm-stock">IBM shares</a> tumbled by more than 7% in pre-market trading on Friday, after the computing giant's fourth-quarter earnings missed analysts' expectations.</p><p>IBM on Thursday reported a 6.5% year on year fall in revenues in the fourth-quarter to $20.37 billion, below the $20.67 billion analysts polled by Refinitiv had expected. It was the fourth consecutive quarter of falling sales.</p><p>Sales at the technology company's biggest unit, cloud and cognitive software, fell around 4.6% to $6.84 billion from $7.16 billion in the same quarter a year earlier.</p><p>Although total cloud revenue increased 10% to $7.5 billion, it was slower than the 19% growth seen in the previous quarter.</p><p><strong data-stringify-type="bold"><em data-stringify-type="italic">Read More:&nbsp;</em></strong><em data-stringify-type="italic"><a href="https://www.businessinsider.com/stock-picks-to-buy-below-pre-pandemic-levels-goldman-sachs-2021-1" target="_blank" rel="noopener noreferrer" data-stringify-link="https://www.businessinsider.com/stock-picks-to-buy-below-pre-pandemic-levels-goldman-sachs-2021-1" data-sk="tooltip_parent">GOLDMAN SACHS: These 22 stocks still haven't recovered to pre-pandemic levelsand are set to explode amid higher earnings in 2021 as the economy recovers</a></em></p><p>Excluding certain costs, IBM's earnings per share was $2.07 in the fourth quarter, above expectations of $1.79.</p><p>The IBM stock price closed 1.21% higher on Thursday at $131.65 share. But investors jettisoned the stock in pre-market trading on Friday after parsing the Q4 earnings, taking the price down 7.37% to $121.95.</p><p>IBM chief executive Arvind Krishna <a href="https://www.ibm.com/investor/att/pdf/IBM-4Q20-Earnings-Prepared-Remarks.pdf">said on a press call</a> on Thursday: "Our performance reflects the fact that our clients continue to deal with the effects of the pandemic and broader uncertainty of the macro environment."</p><p>"This put additional pressure on larger software transactions this quarter, and project delays in some services engagements.</p><p>"Notwithstanding these short-term market dynamics, we believe we have the plans in place and the focus inside the business to be able to grow in 2021."</p><p><strong data-stringify-type="bold"><em data-stringify-type="italic">Read More:</em></strong><em data-stringify-type="italic">&nbsp;</em><em data-stringify-type="italic"><a href="https://www.businessinsider.com/crypto-investing-winklevoss-gemini-bitcoin-stable-coins-regulation-ethereum-fincen-2021-1" target="_blank" rel="noopener noreferrer" data-stringify-link="https://www.businessinsider.com/crypto-investing-winklevoss-gemini-bitcoin-stable-coins-regulation-ethereum-fincen-2021-1" data-sk="tooltip_parent" aria-describedby="sk-tooltip-25657">We spoke to Winklevoss-backed crypto platform Gemini about bitcoin, how to use stable coins, and why regulation won't kill the boom in digital currencies</a></em></p><p>Krishna is currently taking IBM through a turnaround plan that involves turning its infrastructure services arm into a separate public company.</p><p>IBM's fourth-quarter difficulties highlight sharp divides in the stock market, even within the booming technology sector.</p><p><a href="https://markets.businessinsider.com/stocks/nflx-stock">Netflix</a> on Wednesday said it had <a href="https://www.businessinsider.com/netflix-earnings-q4-2020-revenue-eps-profit-analysis-2021-1">surpassed 200 million subscribers</a> in 2020 in its fourth-quarter earnings, sending its shares up around 16% for the week and triggering a broader rally in the <a href="https://markets.businessinsider.com/index/nasdaq_100">Nasdaq</a>.</p><p><a href="https://www.businessinsider.com/ibm-stock-price-earnings-quarterly-revenue-miss-expectations-2021-1#comments">Join the conversation about this story &#187;</a></p> <p>NOW WATCH: <a href="https://www.businessinsider.com/candy-corn-ingredients-made-of-gelatin-lac-resin-halloween-sugar-syrup-2017-10">What candy corn is actually made of</a></p>
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