IBM Stock Slumps on Disappointing Q2 Results

IBM's stock plummeted in pre-market trading on Tuesday, hitting near two-month lows after the company released preliminary second-quarter results that fell short of Wall Street expectations.

The tech giant reported revenue of $17.2 billion for Q2, up just 1% year-over-year, but lower than the anticipated $17.8 billion.

CEO Arvind Krishna attributed the shortfall to several large customer deals that failed to close on expected timelines due to cybersecurity concerns and execution issues.

Krishna emphasized that these were not excuses, but realities, stating that IBM had 'faltered' in adapting quickly enough to changing client demands.