A 20% pre-market drop is brutal. In Kri​shna’s letter, the line “worse than expected” is basically handing a knife to the shorts—its moat around infrastructure is starting to loosen.

CoinJie News: IBM’s share price plunged 20% in pre-market trading due to an unexpected pre-earnings warning issued by the company. IBM expects second-quarter sales revenue of $17.2 billion, below analysts’ expectations of $17.85 billion. Non-GAAP earnings per share are expected to be $2.93, below expectations of $3.02. In a letter to investors, IBM CEO Arvind Krishna said that although they expected infrastructure revenue to decline slightly, the actual situation is worse than anticipated, mainly due to the poor performance of the Z series products and the related software stack.