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IBMAI business concerns still haven't dissipated, falling over 5% after hours
In a statement released on Wednesday, IBM stated that for the first quarter ending March 31, software revenue increased by 11% year-over-year to $7.05 billion; the company’s total revenue grew by 9% year-over-year to $15.9 billion, surpassing the average analyst expectation of $15.7 billion.
This longstanding technology company had previously transformed into a high-growth software service provider through acquisitions of Red Hat, HashiCorp, and Confluent.
However, after shifting its business focus, IBM has also become a target of market concern—investors worry that artificial intelligence tools will replace its existing large number of software products.
In February this year, AI startup Anthropic released a tool claiming to modernize outdated programming languages running on IBM mainframes, which led to IBM’s stock experiencing its largest drop in decades.
After the earnings report was announced, the stock fell 5% in after-hours trading.
IBM’s closing price on the US stock market that day was $251.86, with a year-to-date decline of 15%.