U.S. software stocks plummet as IBM’s earnings miss expectations, sparking investor concerns

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BlockBeats message, July 14, according to BIT (bit.com) market data, the shares of US software and IT services companies plunged. Earlier, International Business Machines (IBM) delivered results that fell short of analysts’ expectations, again raising market concerns about the industry’s outlook.

In early trading on Tuesday, IBM’s stock price at one point dropped 26%. If the decline were to hold through the close, it would represent the worst single-day performance since at least 1968. IBM said its results missed expectations because customers shifted capital expenditures from IBM products to chips and servers.

The software sector was broadly under pressure: Microsoft fell 2%, Workday Inc. fell 6.3%, Salesforce Inc. fell 3.2%, Autodesk fell 2.4%, and SAP SE fell 3.4%. The iShares Expanded Tech-Software Sector ETF, which tracks the software sector, at one point fell 2.7%, before narrowing its losses somewhat.

IBM-24.16%
MSFT-1.25%
WDAY-3.44%
CRM-1.48%
ADSK-2.69%
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GateUser-9cbcd89b
· 3h ago
Go for it 👊
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