IBM Shares Plunge After CEO Admits Q2 Results Worse Than Expected

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IBM reported weaker-than-expected second-quarter financial results, triggering a significant drop in the company's share price. CEO Arvind Krishna acknowledged in a letter to investors that IBM failed to adequately adapt to shifting market conditions. Several large deals did not close during the quarter, and customers redirected their spending priorities away from IBM's offerings. Despite the disappointing performance, the company pointed to continued growth in its software and consulting divisions as areas of relative strength.

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