IBM is lowering its full-year revenue growth forecast, citing disappointing second-quarter results. The company's infrastructure revenue fell 7% year-over-year to $3.8 billion, primarily due to a 42% drop in data center mainframe sales.

This significant decline in mainframe sales has led IBM to revise its full-year revenue growth projection to a range of 4% to 5%, down from its earlier forecast of more than 5%. The news, confirmed in the company's second-quarter earnings report, has erased approximately $67 billion in market value and is expected to prompt questions from Wall Street regarding IBM's strategic direction and leadership under CEO Arvind Krishna.