in5points
BusinessTimes of India

IBM shares tank 26% after initial results disappoint

in5points

  1. IBM shares fell 26% after reporting preliminary Q2 revenue of $17.2 billion, missing the $17.9 billion Wall Street estimate.

  2. Customers shifted capital spending from IBM's products to chips and servers, causing the miss.

  3. Software peers dropped: Microsoft fell 2%, Workday 6.3%, Salesforce 3.2%, and Autodesk 2.4%.

  4. IT services stocks also fell: Accenture dropped 2.9%, Cognizant 2.2%, and Infosys 2.8%.

  5. The iShares Expanded Tech-Software Sector ETF slumped up to 2.7%, reflecting broader sector concern about AI-driven demand shifts.

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11h ago · original ↗

Times of India

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Mixed factuality

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