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IBM's stock dropped 23% after the company reported preliminary second-quarter earnings that fell short of analyst expectations. CEO Arvind Krishna cited a shift in client spending towards hardware and challenges in closing large deals as reasons for the earnings shortfall. Concerns about the impact of artificial intelligence on software companies also contributed to the decline.
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IBM's stock dropped 23% after the company reported preliminary second-quarter earnings that fell short of analyst expectations. CEO Arvind Krishna cited a shift in client spending towards hardware and challenges in closing large deals as reasons for the earnings shortfall. Concerns about the impact of artificial intelligence on software companies also contributed to the decline.
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IBM stock craters 24% after earnings warning...
IBM Reports Earnings Shortfall, Stock Drops 23%