IBM shares plummeted 20% following a warning about weak quarterly results

Shares of tech industry veteran International Business Machines fell nearly 23% in premarket trading on July 14 after the company released its preliminary second-quarter results.

According to them, IBM's earnings for the reporting period will be $2.93 per share, excluding certain items. The FactSet consensus estimate called for earnings of $3.01 per share, CNBC reports. Revenue is expected to reach $17.2 billion, though analysts had anticipated $17.9 billion, Bloomberg reports.

This news story is being updated.

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