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Why IBM Stock Plunged Today

TheMotleyFool

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Shares of IBM (NYSE: IBM) fell 9.5% on Thursday after the global technology company's third-quarter results came up short of investors' expectations.

IBM's revenue inched up 0.3% year over year to $17.6 billion. Wall Street had been anticipating sales of nearly $17.8 billion.

Even after adjusting its results to reflect the upcoming sale of its Kyndryl managed infrastructure business, IBM's revenue rose only 2.5%. The company's key cloud and cognitive software business, which includes Red Hat, delivered sales of $5.7 billion, a 2.5% increase. That, too, was slightly below analysts' estimates for revenue of $5.8 billion.

Source Fool.com

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