TechCrunch·3 min read·medium
After shocking quarter, IBM insists that AI isn’t killing the mainframe
J
Julie Bort
✦AI Summary
IBM reported a significant earnings miss, with its stock dropping 25% following a 42% decline in mainframe hardware sales. CEO Arvind Krishna attributed the shortfall to a temporary shift in customer spending toward other hardware, though the company lowered its full-year growth forecasts.
On Wednesday, IBM officially reported earnings and the news was as bad as everyone knew it would be.
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