On Wednesday, IBM officially reported its earnings and the news was as bad as everyone knew it would be. While the 115-year-old company still generates large amounts of cash ($17.2 billion in revenue, $9.9 billion in gross profit, nearly 58% margins and $2.2 billion in net profit for the quarter), its results fell well short
IBM shares fell more than 25% at the market close on Tuesday after the company said it had misinterpreted the boom in AI spending. On Tuesday, eight days before the company’s scheduled earnings conference call, CEO Arvind Krishna released a letter to shareholders detailing a quarterly “performance shortfall,” including lower-than-expected revenue. “While we anticipated some
IBM shares plunged on Tuesday after the tech giant reported worse-than-expected results and said clients were cutting spending on its artificial intelligence infrastructure and software products. The company’s shares fell 24% at the open. After closing at $290 per share on Monday, the stock opened just above $221 on Tuesday. The precipitous drop in IBM
