IBM (IBM) reported Q1 FY 2020 earnings of $1.84 per share (versus $2.25 per share in Q1 FY 2019), beating analysts' consensus estimate of $1.80 per share.

The company's quarterly revenues amounted to $17.571 bln (-3.3% y/y), generally in line with analysts' consensus estimate of $17.620 bln.

IBM withdrew its FY 2020 guidance in light of the current COVID-19 crisis. The company said it would reassess this position based on the clarity of the macroeconomic recovery at the end of Q2 FY 2020.

IBM fell to $115.50 (-4.08%) in pre-market trading.