IBM shares fell about 24% Tuesday after the company released preliminary second-quarter results below analyst expectations and said late-quarter customer spending shifted toward servers, storage and memory, affecting software and infrastructure sales.
Key Facts
IBM reported preliminary Q2 revenue of $17.2 billion, up 1%, with operating EPS of $2.93.AP reported analysts expected $17.86 billion in revenue and $3.01 in adjusted EPS, citing FactSet.CEO Arvind Krishna said clients shifted quarterly capex toward supply-constrained infrastructure ahead of expected price increases, and that numerous large deals did not close on expected timelines.Reuters reported the warning pressured broader software stocks. IBM is scheduled to report full Q2 results on July 22.Relevant Companies
IBM: Shares fell after preliminary Q2 revenue and earnings missed Wall Street estimates.
