IBM (IBM) reported first quarter operating earnings of $1.68 compared to estimates of $1.59. Revenue of $14.46 billion was just shy of expectations of $14.5 billion.

The tech giant also announced it was buying HashiCorp (HCP) for $35 per share, or about $6.4 billion, in a bid to boost its cloud-based offerings.

Yahoo Finance's Julie Hyman and Josh Lipton break down the results.

For more expert insight and the latest market action, click here to watch this full episode of Market Domination Overtime.

This post was written by Stephanie Mikulich.

This post has been updated to reflect a more accurate revenue estimate.