IBM (IBM) was falling 2.8% in late trading after the tech giant reported a mixed Q3.
Revenue in the three months ended in September rose to $24.7 billion, yielding earnings of $3.62 per share.
Analysts on average had been modeling $25.38 billion and $3.61 a share.
The company also reaffirmed fiscal 2012 guidance of at least $15.10, versus the consensus of $15.15.
Geographically, North America revenues were down 4% to $10.4 billion, while sales from Europe/Middle East/Africa were down 9% to $7.2 billion. Asia was one bright spot, with revenues climbing 1% to $6.5 billion. Also, revenues in the BRIC countries � Brazil, Russia, India and China � increased 4 percent.
On the conference call, CFO Mark Loughridge said that business was strong in the first two months of the quarter, but weakened in the third month.
Management said that operating margins grew despite a decline in revenues, driven by productivity initiatives, an improving business mix and share repurchases. The company also saw a 1% increase in its overall services backlog, while its growth markets logged a 16% increase.
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