BlockBeats News, July 14th, according to BIT (bit.com) market data, shares of the U.S. software and IT services company plummeted. This was after International Business Machines Corporation (IBM) once again fell short of analyst expectations, causing market concerns about the industry's outlook.
During Tuesday's morning trading on Wall Street, IBM's stock price plunged by 26%. If the decline holds until the close, it will be the worst single-day performance since at least 1968. IBM stated that the underperformance was due to customers shifting capital expenditures from IBM products to chips and servers.
The software sector was under pressure across the board, with Microsoft falling by 2%, Workday Inc. by 6.3%, Salesforce Inc. by 3.2%, Autodesk Inc. by 2.4%, and SAP SE by 3.4%. The iShares Expanded Tech-Software Sector ETF, which tracks the software sector, briefly fell by 2.7%, but the decline later narrowed.
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