”We made a mistake. We failed to transform ourselves and move forward at a rapid pace,” the company's CEO Arvind Krishna said in a letter to investors.
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US technology company IBM has suffered a loss of about $70 billion in a single day after a sharp drop in its share price.
Bloomberg The company's share price fell about 25 percent on Tuesday, the biggest one-day decline in 58 years.
The decline came as investors sold shares after preliminary financial results for the second quarter were weaker than market expectations.
IBM, founded in 1911, said its revenue rose just 1 percent to $17.2 billion in the three months ended June.
The company's Chief Executive Officer Arvind Krishna said in a letter to investors, "We made a mistake. We failed to transform ourselves and move faster."
Revenue from IBM's infrastructure business, which includes the company's main mainframe business, fell 7 percent. Similarly, although revenue from the software business grew by 5 percent, the company said this growth was below analysts' expectations.
