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IBM reports slightly lower EPS, net income for 3rd quarter

International Business Machines Corp. reported third-quarter earnings per share of $2.92 on a GAAP basis and net income of $2.7 billion, down 2% and 4%, respectively, from the same period a year ago.

The company's total revenue came in at $19.2 billion, with cloud revenues increasing 20% to $4.1 billion year over year during the quarter.

By business segment, revenues from cognitive solutions went up 4% to $4.4 billion while global business services revenues fell 2% to $4.1 billion. Revenues from technology services and cloud platforms dropped 3% to $8.5 billion, and global financing revenues rose 4% to $427 million. Revenues from systems including hardware and operating systems software jumped 10% to $1.7 billion.

For full-year 2017, the company still expects GAAP diluted earnings per share of at least $11.95.

Martin Schroeter, IBM senior vice president and CFO, said the company returned nearly $8 billion to shareholders through dividends and share repurchases during the first three quarters.