International Business Machines Corp IBM Shares traded lower on Tuesday after the company released financial results and lowered its free cash flow forecast for 2022.

According to data from IBM, second-quarter revenue rose 9% year over year to $15.5 billion, beating the estimate of $15.25 billion Gasoline Pro. The company reported quarterly earnings of $2.31 per share, beating an estimate of $2.28 per share.

“During the quarter, we delivered good revenue performance with balanced growth across our regions, driven by customer demand for our hybrid cloud and AI offerings,” said Arvind KrishnaChairman and CEO of IBM.

IBM expects full-year revenue growth at the high end of its mid-single-digit model. The company now expects consolidated free cash flow to be approximately $10 billion, down from the previous guidance range of $10 billion to $10.5 billion.

• BMO Capital analyst Keith Bachman kept IBM with a Market Perform rating and lowered its price target to $148 from $152.
• Morgan Stanley analyst Erik Woodring kept IBM at an overweight position, lowering its price target to $155 from $157.

Related link: IBM Q2 Earnings Highlights: Outperformed Revenue and EPS, Cloud Segment Revenue Grows Double-Digit

IBM Price Action: IBM has traded between $146 and $114.56 over a 52-week period.

The stock is down 5.63% at press time to $130.35.

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