Technology giant IBM (NYSE: IBM) on Monday released its first quarterly report under new CEO Arvind Krishna, at a time when the industry is passing through an era of unprecedented turmoil.

In the first quarter of 2020, adjusted earnings dropped to $1.84 per share from $2.25 per share in the corresponding period of last year, but topped the estimates. The unimpressive bottom-line performance reflects a 3% decline in revenues to $17.6 billion.

IBM Q1 2020 earnings infographic

IBM’s stock has been on the recovery path since mid-March, after being battered by the market selloff spurred by the COVID-19 outbreak. The shares, which lost about 11% since the beginning of the year, closed Monday’s regular session higher. However, they slipped into the negative territory during the after-hours following the earnings announcement.

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