IBM stock sees worst in 39 years, CEO admits company 'failed' to close large deals

IBM's stock experienced a historic collapse on Wall Street after missing financial expectations. Preliminary second-quarter revenue fell short as clients shifted spending towards hardware. Chief Executive Arvind Krishna acknowledged the company's failure to adapt quickly enough. Internal teams faltered, causing numerous large deals to miss expected timelines. This shift benefited hardware manufacturers while impacting software providers.

By TOI TECH DESK