Shares of IBM dive after announcing weaker than forecasts results

Technology giant International Business Machines (IBM) reported third quarter earnings per share (EPS) of $3.68, a 10% fall on the previous year’s figure.

That was comfortably below the consensus estimate from analysts for EPS of $4.32.

Net income from continuing operations on a GAAP basis fell 17% to $3.5bn.

Revenues from continuing operations declined 4% to $22.4bn (consensus: $23.37bn).

“We are disappointed in our performance. We saw a marked slowdown in September in client buying behaviour, and our results also point to the unprecedented pace of change in our industry,” said IBM chairman, president and chief executive officer.