IBM's fiscal second-quarter revenue misses expectations, sends shares tumbling and drags down software sector
IBM's preliminary revenue in the second fiscal quarter was $17.2 billion, lower than the market expectation of $17.86 billion, causing the share price to fall by more than 23% before the market and plummet by more than 25% during the intraday session. The poor performance was mainly due to the shift of customers' capital expenditure to AI hardware, which dragged down the stock prices of many companies in the entire software sector, and the industry sentiment was frustrated, causing industry worries.