IBM is over 6% lower in aftermarket trading after the company reported mixed results for the fourth quarter.
IBM disappointed investors as revenues continue to decline for the fourth consecutive quarter.
IBM 4Q revenue reported at $20.4 billion, down 6% and worse than analysts expectations of $20.6 billion.
Big Blue Earnings reported at $2.07 per share, beating the analyst’s expectations of $1.79 per share.
Red Hat segment produced $6.84 billion in revenue, 5% lower year over year and below the expectations for revenue of $7.18 billion.
Global Technology Services segment produced $6.57 billion in revenue, below the consensus of $6.92 billion.
The company did not provide earnings guidance but now it expects revenue growth in 2021 and $11 to $12 billion in free cash flow.