IBM beats targets but sees revenues decline for 22nd quarter in a row

IBM beat Wall Street expectations in its third-quarter financial results on Tuesday, sending its stock up about 3% in after-hours trading.

Even so, IBM failed to put an end to its 22-quarter revenue decline.

Here's what the company reported:

• Revenues (GAAP) were at $19.15 billion, down from $19.23 billion in the year ago period, but above analyst estimates of $18.59 billion.
• Earnings per share (non-GAAP) were at $3.30, compared to analyst estimates of $3.28.
• Projected earnings for fiscal 2017 (non-GAAP) are $13.80, compared to analyst estimates of $13.75.

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