IBM Shares Plummet 8% After Weak Earnings Guidance [Fortune]
International Business Machines Corporation (IBM)
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Source: Fortune
IBM shares tanked on Wednesday after the company reaffirmed its profit forecast for 2018 a day earlier, disappointing investors who had hoped for even greater profits. Shares of enterprise giant fell 7.53% to $148.79. IBM said that its fiscal year profit would be $13.80 per share, just shy of Wall Street’s expectations of $13.83. The minor disappointment translated into a huge decline in the company’s stock price, erasing over $10 billion in market value over the past day-and-a-half. In addition to discussing its profit forecast, IBM (ibm) said on Tuesday that sales in the quarter ending March 31 rose 5% year-over-year to $19.1 billion. This was the second straight quarter in which the company’s revenue grew after 22 consecutive quarterly declines. Like other enterprise tech giants, including Hewlett Packard Enterprise (hpe) , IBM has been looking to revive its business in areas it calls its “Strategic Imperative,” which include cloud computing, cybersecur
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