IBM reported mixed Q1 earnings with an EPS of $1.68, beating the forecast by $0.10, but missed revenue expectations with $14.46 billion against a forecast of $14.55 billion. The company's software revenue grew by 5.5% YoY to $5.9 billion, while net income increased to $1.6 billion from $927 million YoY. Despite these gains, IBM's consulting unit faced weak demand, leading to an 8% drop in premarket shares. Additionally, IBM announced the acquisition of HashiCorp for $6.5 billion, aiming to boost its software business and integrate with its Red Hat operations. The HashiCorp deal, however, was overshadowed by the consulting slump, contributing to the decline in IBM's stock.