IBM misses second-quarter revenue estimates as tech spending cools

Enterprise software provider IBM’s second-quarter revenue fell short of Wall Street expectations on Wednesday, bogged down by a decline in sales of its mainframe computers as businesses cut tech spending.

IT companies have warned of more pain as businesses striving to cut costs in the face of rising inflation snip tech budgets, hurting the industry that saw rapid growth during the COVID-19 pandemic when businesses rushed to adopt hybrid work.