UPDATE: IBM Down 3.5% on Lower Than Expected Revenues

International Business Machines

has been trading lower on today following its Q1 earnings announcement. The company reported an EPS $2.78 vs $2.65 estimate and revenues $24.7 billion vs $24.77 billion estimate. IBM president and chief executive officer, Ginni Rometty said: “In the first quarter, we drove strong profit and earnings per share growth. We delivered another excellent software performance, expanded services margins, and continued the momentum in our growth initiatives. Our investments in growth market countries continued to generate strong revenue growth across software, hardware and services while contributing to the company's ongoing margin expansion. IBM is currently trading at $200.21, a loss of $7.24 or -3.49%.