IBM Reports Missed Earnings Estimate Amid Market Sell-Off
IBM reported preliminary second-quarter revenue of $17.2 billion, missing analyst estimates of $17.85 billion and sending its stock down 25% in a single day—the worst drop since 1961. Micron (MU) and Sandisk (SNDK), both memory chip companies, also experienced significant declines but are viewed as having more potential for recovery compared to IBM.
Topics: earnings_miss IBM market_reaction Micron Sandisk