IBM Stock Drops After Confirming $6.4B HashiCorp Acquisition, Posting Q1 Revenue Miss

Key TakeawaysIBM shares dropped more than 8% in extended trading Wednesday after the computing and consultancy giant confirmed plans to acquire HashiCorp for $6.4 billion and reported quarterly revenue below Wall Street expectations.The company expects the deal, if finalized, to close by the end of 2024 and be accretive to adjusted EBITDA within the first 12 months after closing, and to generate free cash flow in the second year after closing.CFO James Kavanaugh said that macroeconomic uncertainty had led t ...