Update: IBM Shares Fall as Q2 Guidance Misses Estimates
(Updates with recent stock movement in headline and first paragraph.) IBM's (IBM) shares were down more than 23% in Tuesday trading after the company issued Q2 guidance that fell short of Wall Street expectations. The company said it expects Q2 operating earnings of $2.93 per diluted share, up from $2.80 a year earlier. Analysts polled by FactSet expect $3.01. Revenue for the quarter is expected to increase 1% to $17.2 billion. Analysts forecast $17.86 billion. IBM Chief Executive Arvind Krishna said that most of Q2's "shortfall" was due to the company failing to close "numerous large deals" based on expected timelines. IBM is set to release its Q2 results on July 22. Price: $220.76, Change: $-69.47, Percent Change: -23.94%
(Updates with recent stock movement in headline and first paragraph.) IBM's (IBM) shares were down more than 23% in Tuesday trading after the company issued Q2 guidance that fell short of Wall Street expectations.
The company said it expects Q2 operating earnings of $2.93 per diluted share, up from $2.80 a year earlier.
Analysts polled by FactSet expect $3.01.
Revenue for the quarter is expected to increase 1% to $17.2 billion.
Analysts forecast $17.86 billion.
IBM Chief Executive Arvind Krishna said that most of Q2's "shortfall" was due to the company failing to close "numerous large deals" based on expected timelines.
IBM is set to release its Q2 results on July 22.
Price: $220.76, Change: $-69.47, Percent Change: -23.94%