IBM issued a profit warning that sent its shares plunging more than 20 per cent, as customers raced to redirect spending to servers and storage ahead of price increases driven by the AI boom.
The tech company had expected strong sales in mainframes and related software but instead corporate clients shifted to buying computing infrastructure from elsewhere.
“These conditions require our teams to execute perfectly, and this quarter we faltered,” said chief executive Arvind Krishna. “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.”
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