IBM slips after preliminary Q2 results miss expectations; software firms fall
IBM•Software shares fall in sympathy
Shares of U.S. software firms fall after IBM's update, including:
- ServiceNow (NOW.N) down 4.7%
- Salesforce (CRM.N) off 5%
- Accenture (ACN.N) down 5.5%
- Intuit (INTU.O) down 3%
- Oracle (ORCL.N) off 1.4%
- Atlassian (TEAM.O) falls 4%
- Adobe (ADBE.O) slips 3.3%
IBM falls after preliminary Q2 revenue misses estimates
- International Business Machines Corp. (IBM.N) shares fall ~18% in pre-market trading on Tuesday after the company announces preliminary Q2 revenue below analyst estimates.
- The company expects Q2 revenue of $17.2 billion, below the consensus estimate of $17.86 billion, per data compiled by LSEG.
- IBM is set to report quarterly results after market close on July 22.
- YTD, IBM stock is down ~2%, underperforming a 9.8% rise in the S&P 500 (.SPX).
- The average rating of 26 analysts covering the stock is "buy" and their median price target is $293.
