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Earnings Results: IBM stock slips as earnings, cloud revenue beat Street view

International Business Machines Corp. shares gave back gains in the extended session Wednesday and slipped to a loss after the tech giant topped Wall Street earnings estimates for the second quarter.

IBM IBM, -0.32% reported second-quarter net income of $2.5 billion, or $2.81 a share, compared with $2.4 billion, or $2.61 a share, in the year-ago period. Adjusted earnings were $3.17 a share.

Revenue continued to fall year-over-year, declining to $19.16 billion from $20 billion in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of $3.08 a share on revenue of $19.17 billion.

“In the second quarter, we continued to grow in the high-value areas of the business, led by a strong performance across our cloud and cognitive software segment,” IBM Chief Executive Ginni Rometty said in a statement.

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