Yahoo (YHOO) and IBM (IBM) released their latest quarterly earnings report after closing bell tonight. IBM reported adjusted earnings of $2.38 per share on $18.2 billion in revenue, compared to the analyst estimates of $2.35 per share and $18.4 billion. In the year-ago quarter, the company reported $2.35 per share in non-GAAP earnings and $18.7 billion in revenue.

Yahoo reported adjusted earnings of 18 cents per share on $1.3 billion in GAAP revenue. Most analysts are winding down their coverage of the company because of the pending acquisition by Verizon. In last year’s first quarter, Yahoo reported 8 cents per share in non-GAAP earnings.

IBM shares fall

IBM’s strategic imperatives revenue increased 12% year over year to $7.8 billion, while its cloud revenue surged 33% to $3.5 billion. The company’s cloud-as-a-service businesses grew 59% year over year. Its GAAP earnings came in at $1.85 per share.

“In the first quarter, both the IBM Cloud and our cognitive solutions again grew strongly, which fueled robust performance in our strategic imperatives,” IBM Chairman, President and Chief Executive Officer Ginni Rometty said in a statement. “In addition, we are developing and bringing to market emerging technologies such as blockchain and quantum, revolutionizing how enterprises will tackle complex business problems in the years ahead.”

For the full year, IBM expects non-GAAP earnings to be “at least $13.80” per share, while the consensus stands at $13.77 per share, and GAAP earnings to be “at least $11.95” per share.

Shares of IBM slumped by as much as 3.41% to $164.25 in after-hours trading.

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Yahoo swings to GAAP earnings

Yahoo’s operating loss narrowed to $59 million from the operating loss of $167 million in last year’s first quarter. Adjusted EBITDA rose to $188 million from $147 million in the same quarter a year ago. Yahoo posted 10 cents per share in GAAP earnings, compared to a GAAP loss of 10 cents per share in last year’s first quarter. Traffic acquisition costs rose to $494 million from $228 million in the year-ago quarter.