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After IBM CEO Arvind Krishna issued a warning, the company's stock price plummeted by 24% after the market opened on July 14, potentially marking its worst single-day performance in its 115-year history. Previously, IBM reported preliminary second-quarter revenue of $17.2 billion, falling short of the market expectation of $17.86 billion, with software revenue growing by 5% and infrastructure revenue declining by 7%. The company stated that the performance fell short of expectations primarily because customers shifted their capital expenditures toward servers, storage, and memory devices, resulting in reduced investment in IBM's software products. IBM's largest single-day drop in history occurred on 'Black Monday,' October 19, 1987, when the stock price fell by 23.7%.
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