IBM (IBM) Shares Drop 23% After Q2 Earnings Miss Expectations
Published on · Source: cnbc.com
AI Summary
Summarized by AI from the source belowIBM (IBM) shares fell 23% in premarket trading after the company reported adjusted earnings of $2.93 per share on revenue of $17.2 billion for the second quarter, both lower than analysts' estimates of $3.01 per share and $17.86 billion in revenue. CEO Arvind Krishna attributed the shortfall to client spending shifts toward hardware purchases, particularly memory chips, which impacted software and infrastructure sales. The company also faced challenges in closing large deals on time. This news may concern investors as weaker earnings forecasts could signal ongoing difficulties in IBM's business operations.
Informational only, not financial advice. Content is AI-generated and may contain errors. How this works.
About International Business Machines (IBM)
IBM is a long-standing enterprise-technology company focused on hybrid cloud, consulting, and AI through its watsonx platform.
The Information Technology sector covers hardware, software and semiconductor companies driving the digital economy.
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