IBM issues second-quarter performance warning, stock price plummets 23%
During U.S. stock trading, IBM fell 23% after the company announced preliminary second-quarter results, which were lower than market expectations. Based on the current decline, IBM will have its worst single-day performance since October 19, 1987. IBM CEO Arvind Krishna attributed the weaker-than-expected performance to weakness in its software and infrastructure businesses. He said customers are shifting their spending to hardware purchases, such as memory chips and other products, causing related software and infrastructure businesses to come under pressure.
During U.S. stock trading, IBM fell 23% after the company announced preliminary second-quarter results, which were lower than market expectations. Based on the current decline, IBM will have its worst single-day performance since October 19, 1987. IBM CEO Arvind Krishna attributed the weaker-than-expected performance to weakness in its software and infrastructure businesses. He said customers are shifting their spending to hardware purchases, such as memory chips and other products, causing related software and infrastructure businesses to come under pressure. (