arnti
71 posts
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$IBM
Woah.
IBM put out preliminary Q2 results...and they are not good.
Revenue was $17.2B vs $17.86B expected, up 1% YoY. Consulting revenue was flat and infrastructure revenue was down 7% YoY.
All the software names are down in sympathy to IBM basically saying that software spend went to semiconductor spend this quarter.
CEO Arvind Krishna: “In the last few weeks of June, we saw clients shift their quarterly capex spend toward servers, storage, and memory purchases to secure supply-constrained infrastructure ahead of expected price increases.” He also said clients were distracted by “rapidly-evolving, industry-wide cybersecurity concerns,” and that IBM “did not anticipate the magnitude of the capex reprioritization.”
Company just lose $65B in market cap.
I don't think all the software names should be down because of IBM's specific news but today could be a day where the fear of this happening to other names affects all of them.
$IBM -24%
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