Shares of International Business Machines (IBM  ) took a nosedive early this week after a lackluster quarterly report that left investors wanting. IBM's revenue drop in Q3 is only the latest such consecutive drop, as the company has been struggling to turn its revenue figures around.

Looking at IBM's press release, it's easy to see why investors were feeling skittish during trading on Tuesday. Other than cloud computing, revenue was down across all of IBM's divisions. For the three-month period, IBM's revenue was down 2.6%, and was down 3.8% for the nine-month period, reflecting a drop of $18 billion to $17.5 billion and $55.4 billion to $53.2 billion, respectively. Earnings per share were up by a single cent for the three-month period, sitting at $1.90 for the quarter, though EPS for the nine-month period was down $1.73, dropping to $4.76 from $6.49.

"The strong performance of our cloud business, led by Red Hat, underscores the growing client adoption of our open hybrid cloud platform," Chief Executive Arvind Krishna stated in a press release. "Separating the managed infrastructure services business creases a market-leading standalone company and further sharpens our focus on IBM's open hybrid cloud platform and AI capabilities. This will accelerate our growth strategy and better position IBM to seize a the $1 trillion hybrid cloud opportunity."

The report comes as IBM is preparing to split from its IT outsourcing division, with the company intending to focus mostly on cloud computing in the future.

"We are making strategic decisions, taking actions, and increasing investments today to better position our business and accelerate our top-line growth on a sustainable basis," Krishna stated in an earnings call.

IBM will also not be issuing guidance, citing uncertainty.

IBM's quarterly report came just under an hour after the markets closed on Monday, causing a substantial after-hours drop in the company's share price. IBM's share price plummeted 4.6% in after-hours trading, falling from Monday's closing price of $125.61 to $119.80. IBM fared little better on Tuesday, slipping an additional 2% from Monday's closing price to $117.37. At the time of writing, as the end of Wednesday trading approached, IBM appeared to lose another 1.4% in share value. Shares dropped from Tuesday's closing price to $115.73 by 3 p.m.