$IBM Woah. IBM put out prelimi

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$IBM

Woah.

IBM put out preliminary Q2 results...and they are not good.

Revenue was $17.2B vs $17.86B expected, up 1% YoY. Consulting revenue was flat and infrastructure revenue was down 7% YoY.

All the software names are down in sympathy to IBM basically saying that software spend went to semiconductor spend this quarter.

CEO Arvind Krishna: “In the last few weeks of June, we saw clients shift their quarterly capex spend toward servers, storage, and memory purchases to secure supply-constrained infrastructure ahead of expected price increases.” He also said clients were distracted by “rapidly-evolving, industry-wide cybersecurity concerns,” and that IBM “did not anticipate the magnitude of the capex reprioritization.”

Company just lose $65B in market cap.

I don't think all the software names should be down because of IBM's specific news but today could be a day where the fear of this happening to other names affects all of them.

$IBM -24%

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wobee
·07-15 17:42
I went back to Q1 guidance, and yeah this flat consulting number is a bad miss. Feels like IBM just exposed how fragile software spend is
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Consulting revenue was flat and infrastructure revenue was down 7% YoY. All the software names are down in sympathy to IBM basically saying that software spend went to semiconductor spend this quarter. CEO Arvind Krishna: “In the last few weeks of June, we saw clients shift their quarterly capex spend toward servers, storage, and memory purchases to secure supply-constrained infrastructure ahead of expected price increases.” He also said clients were distracted by “rapidly-evolving, industry-wide cybersecurity concerns,” and that IBM “did not anticipate the magnitude of the capex reprioritization.” Company just lose $65B in market cap. 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Feels like IBM just exposed how fragile software spend is","text":"I went back to Q1 guidance, and yeah this flat consulting number is a bad miss. Feels like IBM just exposed how fragile software spend is","html":"I went back to Q1 guidance, and yeah this flat consulting number is a bad miss. Feels like IBM just exposed how fragile software spend is","likeSize":0,"commentSize":0,"subComments":[],"verified":10,"allocateAmount":0,"commentType":"valid","coins":0,"score":0,"disclaimerType":0}],"hasMoreComment":true,"orderType":2}