IBM shares tumble over 23% after Q2 results miss forecasts
Business
IBM's stock took a big hit, down more than 23% in premarket trading on Tuesday, after the company shared early results for Q2 that missed Wall Street's expectations.
It anticipates an adjusted profit of $2.93 per share and revenue of $17.2 billion, both falling short of what analysts had predicted.
Arvind Krishna cites delayed deals, spending
CEO Arvind Krishna pointed to delays in closing major deals and shifting client spending as key reasons for the miss.
He said customers were stocking up on hardware ahead of price hikes, while cybersecurity worries made things trickier.
In a candid note, Krishna admitted, "These conditions require our teams to execute perfectly, and this quarter we faltered."