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What: Shares of Unisys (NYSE:UIS) got crushed today by as much as 24% after the company announced first-quarter earnings that fell far short of expectations.

So what: Revenue in the quarter added up to $810 million, which didn't hold up to the $852 million consensus estimate. The bottom line was even worse, with a non-GAAP net loss of $0.26 per share, while investors were expecting an adjusted profit of $0.59 per share. Unisys took a hit on pension expenses and Venezuelan currency devaluation.

Now what: CEO Ed Coleman acknowledged that it was a difficult quarter that saw revenue declines, particularly within the company's technology business. Project-based systems integration business results were disappointing, and Coleman said Unisys needs to improve execution. Challenges are expected to persist in the near term, and management is focusing on reversing the decline in systems integration. Unisys is targeting flat revenue in the technology business this year.

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