IBM slips premarket as upbeat results fail to clear bar for stronger growth outlook

International Business Machines

Yesterday 09:13

**  International Business Machines Corp IBM.N shares fall ~6% in premarket trading despite co raising its annual software rev outlook and reporting better-than-expected Q3 results 
** Co now sees annual software rev growth of ~7% to 8%, up from 6% to 8% previously, as delayed deals that rattled investors last qtr begin to close
** "IBM did not offer a lot of extra upside in the outlook. This might limit the short​-​term excitement for shares but this is likely the right approach to be able to deliver better than expected results in the future" - Barclays analysts 
** Q3 rev rose 4.7% to $17.10 bln, above estimates of $16.82 bln, while adj EPS of $2.95 beat expectations for $2.86, per LSEG-compiled data
** YTD, stock has fallen ~15.1%, underperforming the S&P 500's .SPX ~13.3% rise

 (Reporting by Rashika Singh in Bengaluru)
 ((Rashika.Singh@thomsonreuters.com;))