IBM projected second-quarter revenue of $17.2 billion and earnings of $2.93 per share, both falling short of analyst estimates. Chief Executive Arvind Krishna attributed the shortfall to enterprise clients reallocating funds late in the quarter toward hardware like servers and storage to avoid expected price hikes, as well as fast-changing cybersecurity issues. Infrastructure sales dropped 7%, while software grew 5% and consulting held steady. Krishna remarked that the company’s workforce failed to pivot swiftly enough amid those evolving conditions, according to reports. The disappointing outlook sent IBM shares down nearly 24% on Tuesday, dragging down other tech and consulting stocks.