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IBM shares tumble 23% after second-quarter earnings warning

IBM’s CEO attributed the shortfall to weakness in software and infrastructure, saying some clients shifted spending toward hardware.

Reported · Written up by our desk · Guidance

IBM shares fell about 23% after the company issued a second-quarter earnings warning, according to CNBC Markets.

In remarks tied to the warning, IBM’s CEO said the miss reflected weakness in the company’s software and infrastructure business.

The CEO also pointed to a spending shift by clients, who reportedly moved money toward hardware purchases.

CNBC World carried the same report, focusing on the explanation for the shortfall behind the guidance warning.

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