- IBM shares plunged about 25% — the worst one-day drop in the company’s 115-year history — after a surprise earnings miss.
- CEO Arvind Krishna bluntly admitted the company “did not adapt and move quickly enough,” saying several large deals slipped into future quarters.
- Analysts say customers are shifting IT spend toward AI-related servers and memory, delaying mainframe upgrades and hurting IBM’s hardware-driven software revenue.
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