India, July 14 -- International Business Machines Corp. or IBM (IBM) Tuesday reported preliminary second-quarter results, expecting weak earnings amid slightly higher revenues. The company said the performance in the quarter was below expectations.
In pre-market activity, the shares were plunging around 19 percent, trading at $234.99.
For the second quarter, the company expects to report earnings per share from continuing operations of $2.27, down 2 percent from $2.31 last year. Operating earnings per share would be $2.93, up 5 percent from $2.80 a year ago.
Gross profit margin would be 57.7 percent, down 100 basis points from last year, and operating margin of 59.4 percent, down 70 basis points.
The company reported revenue of $17.2 bi...