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IBM Stock Falls 36% Since June After Disappointing Q2 Results

GateNews
IBM-2.97%
According to Edaily, IBM stock plunged 2.91% to $212.67 on July 17 after the company released disappointing preliminary Q2 results on July 14. The stock has declined 36% since reaching a 52-week high of $332.46 on June 2. Q2 revenue came in at $17.2 billion, below expectations of $17.86 billion, while non-GAAP EPS was $2.93, missing the forecast of $3.03. Analysts attributed the decline to concerns that customers are prioritizing hardware infrastructure investments over software spending, causing a slowdown in IBM's software business growth and casting doubt on the company's premium valuation multiple.
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