IBM Revenue Continues To Fall

International Business Machines Corp. sales declined year-over-year for the 21st consecutive quarter, the tech company announced Tuesday, but the company's cloud revenue continued to grow. IBM reported profit of $2.3 billion, or $2.48 a share, on sales of $19.3 billion for its second quarter, with earnings falling 7% from the same quarter a year ago and revenue dropping 5%. After adjusting for acquisition- and retirement-related expenses, the company claimed earnings of $2.97 a share, up 1% from a year ago. Analysts on average expected adjusted profit of $2.74 a share on sales of $19.5 billion. Cloud revenue gained 15% from last year to $3.9 billion, and IBM maintained its outlook for the full year. Shares, which closed with a 0.7% gain at $154, declined about 2% after the results were announced.