IBM’s stock tumbles as preliminary 2Q results come in below Wall Street’s expectations

IBM’s preliminary second-quarter results showed an adjusted profit of $2.93 per share and revenue of $17.2 billion, below analysts’ expectations of $3.01 per share and $17.86 billion. The company’s stock dropped 23% as CEO Arvind Krishna attributed the shortfall to client spending shifts toward servers, storage, and memory purchases before price increases, as well as cybersecurity concerns.