International Business Machines Corporation

Background

Company Name	International Business Machines Corporation
Stock Symbol	IBM

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Additional Comments

Background

On July 14, 2026, IBM reported preliminary second quarter 2026 financial results, including that it anticipates infrastructure revenue to decline 7% and software revenue to increase only 5%. CEO Arvind Krishna in a letter to IBM Investors, stated "this quarter we faltered. We did not adapt and move quickly enough, and numerous large deals failed to close on the timelines we expected, driving the majority of our shortfall."

The Company also admitted there was a “software and infrastructure performance shortfall,” in part due to “performance and the associated software stack” of Z, a new family of mainframes built for AI.

The Company also disclosed it “saw clients shift their quarterly capex spend toward servers, storage, and memory purchases” and “[w]hile we anticipated some supply chain related impact in our expectations, we did not anticipate the magnitude of the capex reprioritization.”

On this news, IBM’s stock price fell $73.16, or 25.2%, to close at $217.07 per share on July 14, 2026, thereby injuring investors.

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