IBM cut its full-year revenue growth target to 4–5% after sales of its Z series mainframes fell 42% year on year in the second quarter. The company also lowered its annual software sales growth outlook to 6–8%. IBM said the weakness is entirely concentrated in its infrastructure unit and related software, while the rest of the business is performing strongly. Second-quarter revenue was roughly $17 billion, up about 1%, and adjusted earnings were nearly $3 per share.

European shares rose on Wednesday, with the Stoxx 600 up 0.58%, as weaker-than-expected UK inflation data and a run of upbeat corporate earnings lifted sentiment. The UK’s FTSE 100 gained 1.24%, while Germany’s DAX rose 0.58% and France’s CAC 40 added 0.89%. Oil prices climbed amid escalating U.S.-Iran tensions, but the move did not derail broader gains. Airbus, Gea Group and Fresnillo were among the stocks supported by company updates and results.

Golconda Gold (GGGOF) runs two producing gold mines and aims to double output within 2.5 years, while planning to spin off the Summit silver project in Q4 2026. The company’s $107 million market cap implies a steep discount to its projected net asset value of $375 million, equating to 0.3x P/NAV. Management expects operational upgrades, a self-funded expansion at Galaxy, and Summit’s silver ramp-up to support earnings and cash-flow growth.

Paladin Energy reported fourth-quarter U3O8 production of 1.3Mlb and sales of 1.4Mlb, both ahead of expectations, with closing inventory at 1.7Mlb. The company realised an average price of US$71/lb and ended the period with cash and investments of US$265m. Bell Potter kept a Buy rating and set a A$14.80 price target versus the current A$9.13, implying about 62% upside.

Tesla reported 2026 second-quarter EPS of 33 cents, down 18% year over year and well below expectations of 51 cents, even as revenue rose 28% to $28.2 billion and topped forecasts. Automotive gross margin came in at 16.3% and declined from the prior quarter. The company’s capital spending pace was not tracking its full-year target, and the stock fell sharply in after-hours trading, testing a three-month low.

IBM reported 2024 second-quarter revenue of $17.16 billion, above the $16.86 billion consensus estimate, and adjusted earnings of $2.93 per share, topping expectations of $2.86. Software revenue rose 5% year over year, while infrastructure revenue fell 7%. The company lifted its full-year revenue forecast to $70.24 billion–$70.91 billion and said free cash flow is expected to increase by about $1 billion from a year earlier. Shares gained 2.42% in after-hours trading following the release.

Alphabet (Google) reported after the close that second-quarter capital expenditures totaled $45.1 billion, in line with its full-year $180 billion to $190 billion AI infrastructure guidance. WTI crude rose 2.8% to $86.66 a barrel after President Donald Trump threatened retaliation for attacks by Iran in the Strait of Hormuz. Technology shares broadly weakened, leaving the Nasdaq down 0.6%, the S&P 500 off 0.1% and the Dow slightly lower. Constellation Energy is scheduled to report second-quarter earnings on Thursday, August 6.

IBM on July 22 cut its 2026 revenue growth forecast to 4%–5%, down from its prior guidance of more than 5% and below the analysts’ average estimate of a 4.8% increase. The change follows a 42% drop in second-quarter revenue from IBM’s Z mainframe, which pulled infrastructure revenue down 7%, while software revenue rose 5% but fell short of expectations. Second-quarter revenue increased 1% to $17.16 billion, missing estimates of $17.58 billion, and adjusted profit of $2.93 per share also came in below forecasts.