IBM reports revenue declines for three straight quarters; shares fall 2.7%

Reporting sales declines for three straight quarters, IBM has posted $17.6 billion in revenue in the third quarter of this year, compared to $18 billion for the same period last year.

The company’s shares fell 2.7 per cent in extended trading on Monday after third quarter results were announced.

However, its Cloud and cognitive software revenue rose seven per cent in the quarter.

For the third quarter, total cloud revenue reached $6 billion, an increase of 19 per cent.

“The strong performance of our cloud business, led by Red Hat, underscores the growing client adoption of our open hybrid cloud platform,” IBM CEO Arvind Krishna said in a statement.