IBM shares plunge after weak preannouncement, worst drop since 1968
TL;DR Summary
IBM’s stock closed down more than 25% after a preannounced earnings miss: adjusted EPS of $2.93 on revenue of $17.2 billion versus estimates of $3.02 and $17.86 billion. IBM cited a shift in customer spending toward AI servers and memory amid a global memory shortage, with z17 mainframe headwinds contributing. The decline, IBM’s worst since at least 1968, comes as rivals like Oracle and Accenture struggle as well; IBM will host its earnings call on July 22.
- IBM stock closes down more than 25% after preannounced earnings results Yahoo Finance
- What smart people are saying about IBM's AI warning and SaaSpocalypse fears Business Insider
- ‘We Faltered’: IBM Plunges Most Since at Least 1968 on Miss Bloomberg.com
- Why CrowdStrike Stock Got a Big Boost From IBM’s Earnings Warning Barron's
- IBM stock craters 25%, the worst day on record, after company issues second-quarter earnings warning CNBC
Reading Insights
Total Reads
0
Unique Readers
0
Time Saved
16 min
vs 17 min read
Condensed
98%
3,205 → 77 words
Want the full story? Read the original article
Read on Yahoo Finance