IBM shares drop as software revenue misses
Summary
IBM reported quarterly results that beat overall Wall Street expectations but missed analyst estimates for software revenue. Software revenue rose about 10%, while hybrid cloud revenue grew 16% and generative AI business reached $7.5 billion. The company also announced the next-generation z17 mainframe and closed its acquisition of Hakkoda during the quarter. IBM said client spending has become more cautious in some areas, but it still expects at least 5% constant-currency revenue growth for the year.
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