IBM down 4% despite delivering a beat in quarterly earnings

AP Photo/Manu Fernandez

IBM CEO Ginni Rometty

IBM announced its first quarter earnings on Tuesday.

Here's what the company reported:

• Revenues for the quarter (GAAP) were $19.07 billion, up 5% from the year before, though up 0% when adjusted for currency changes. This is compared to analyst expectations of $18.82 billion.
• Q1 EPS (non-GAAP) were $2.45, up 4% from the year before. This is compared to analyst expectations of $2.41.

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