Tech stocks took another hit with both IBM and Google missing earnings

Tech stocks took another hit with both IBM and Google missing earnings. IBM's miss was due to weaker demand for hardware, particularly in emerging markets and China. Earnings came in a $2.29 per share, down 21% from a year earlier. The company also saw it's lowest quarterly revenues in five years. At the same time, Google's earnings came in at $6.27 per share, compared to a consensus estimate of $6.40. Cost-per-click declined by 9% year-over-year as less expensive mobile ads continue to gain traction. However, the company's costs were impacted by the acquisition of Nest - causing a spike in payroll and research costs. Overall, GOOGL's results were fairly solid once you glance beneath the surface. IBM, on the other hand, does gives cause for concern. IT hardware is certainly not the business it used to be.