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Benzinga
Benzinga
Business
Namrata Sen

IBM Stock Falls Over 6% In Thursday Pre-Market: What's Going On?

IBM Arvind Krishna
Bucharest,,Romania,-,July,09,,2023:,The,Ibm,Logo,Is

International Business Machines Corp. (NYSE:IBM) declined 6.1% in Thursday’s pre-market trading session after its Q2 software revenue fell short of consensus expectations.

What Happened: IBM announced on Wednesday that its Q2 earnings per share stood at $2.80, exceeding the consensus estimate of $2.64. The company’s quarterly revenue also outperformed, reaching $16.977 billion compared to the anticipated $16.576 billion. The company’s generative AI business has seen significant growth, now standing at over $7.5 billion.

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