AI & Tech
IBM Stock Crashes 25 Percent in Worst Single Day Drop Since 1968
PBD Podcast
Amy Coney Barrett Threatened, NYC Data Center Ban, OpenAI vs Apple| PBD Podcast #833
"IBM ended Trading Tuesday down more than 25%, its worst single-day drop since 1968, after the company pre-announced earnings that fell below Wall Street expectations. Analysts had expected IBM to report adjusted earnings per share of $3.02 on revenue of $17.86 billion, but the company came up short, posting adjusted EPS of $2.93 on revenue of $17.2 billion."
IBM experienced a $72 billion market cap loss in two days after missing earnings projections. CEO Arvind Krishna blamed customers shifting spending toward AI infrastructure and a global memory shortage. The company faces internal turmoil with 135,000 employees in India versus only 40,000 in the US, with former employees alleging they trained their own replacements before being laid off.
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