$IBM released preliminary Q2 results BELOW internal expectations as mainframe and software sales disappointed, with large deals failing to close on expected timelines. CEO: “This quarter we faltered.” Revenue: $17.2B vs $17.86B est. 🔴, up 1% YoY Software: +5% Consulting: flat, +1% cc Infrastructure: -7% Non-GAAP EPS: $2.93, up 5% YTD free cash flow: $4.8B CEO Arvind Krishna said: “In the last few weeks of June, we saw clients shift their quarterly capex spend toward servers, storage, and memory purchases to secure supply-constrained infrastructure ahead of expected price increases.” He also said clients were distracted by “rapidly-evolving, industry-wide cybersecurity concerns,” and that IBM “did not anticipate the magnitude of the capex reprioritization.” Full Q2 results are scheduled for July 22.