(Bloomberg) -- IBM’s quarterly sales fell short of analysts’ estimates for the first time in a year on struggles in some overseas markets and delays in service contracts, reminding investors that obstacles remain on the path back to growth.

The results announced Tuesday marked a 20th consecutive quarterly revenue decline. IBM also reported gross margin that contracted from last year, sending shares down as much as 5.5 percent in extended trading. The stock had gained 11 percent in the past year.

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