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IBM Warns Delayed Deals and Weaker Z Performance in Preliminary Q2

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IBM reported preliminary second-quarter results on July 14, a week before its earnings call, attributing results below its own expectations to delayed large customer deals and weaker-than-expected performance in its Z mainframe franchise. Revenue was $17.2 billion (+1%), while the infrastructure segment fell 7%. Preliminary GAAP diluted EPS from continuing operations was $2.27, with shares down 25% on the day.

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