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IBM revenues and earnings fall short

IBM reported quarterly earnings and revenue that came in short of analysts' expectations on Thursday.

After the earnings announcement, the tech company's shares fell more than 3 percent in after-hours trading.

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The company posted first-quarter earnings of $3 a share, up from $2.78 a share in the year-earlier period.

Revenue decreased to $23.41 billion from $24.67 billion a year ago.

Analysts had expected the IBM to report earnings of $3.05 a share on revenue of $24.62 billion, according to a consensus estimate from Thomson Reuters.