International Business Machines Corp. (NYSE:IBM) stock rose in Wednesday’s premarket session, recovering modestly after plunging 25.2% on Tuesday. The sharp selloff followed the company’s preliminary second-quarter results, which fell short of Wall Street expectations.
IBM is scheduled to report second-quarter earnings on July 22.
IBM Misses Expectations
The company said it expects second-quarter revenue of $17.2 billion, up 1% from a year earlier but below the Wall Street consensus estimate of $17.86 billion.
IBM Chairman and CEO Arvind Krishna stated that enterprise customers redirected capital spending late in the quarter toward servers, storage, and memory products to secure supply ahead of anticipated price increases.
