IBM’s latest earnings miss sent shockwaves through Wall Street, with revenue falling short and CEO Arvind Krishna admitting results were “worse than expectations.” The company’s stock plunged 25%—its steepest single-day drop ever—after a once-booming AI data center tailwind faded. A 42% plunge in mainframe hardware sales, which fuels 3x more revenue from software and services, was the core culprit. Big clients delayed purchases, citing rising costs for other tech gear, but leadership insists this is a temporary blip, betting long-term loyalty will bring those deals back—even as skeptics question if the mainframe is truly still relevant.
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