IBM: 3Q Earnings Snapshot

ARMONK, N.Y. (AP) _ International Business Machines Corp. (IBM) on Tuesday reported third-quarter profit of $2.69 billion.

On a per-share basis, the Armonk, New York-based company said it had profit of $2.94. Earnings, adjusted for one-time gains and costs, came to $3.42 per share.

The results beat Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $3.40 per share.

The technology and consulting company posted revenue of $18.76 billion in the period, falling short of Street forecasts. Six analysts surveyed by Zacks expected $19.1 billion.

IBM expects full-year earnings to be $13.80 per share.

IBM shares have dropped 5.5 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed 5 percent. In the final minutes of trading on Tuesday, shares hit $145.04, a decline of 1 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on IBM at https://www.zacks.com/ap/IBM