IBM Announces 3,900 Job Cuts

Author: Yuvi January 26, 2023

IBM Announces 3,900 Job Cuts


IBM joined the wave of layoffs by technology companies on Wednesday, saying it will shed 3,900 workers.

The company described the cuts as mainly a result of earlier asset sales rather than a weakness in its business. In 2021, IBM spun off its legacy technology services business as a separate company, Kyndryl. And last year, IBM sold off its health care data analytics business.

The company said it would take a charge of $300 million in the first quarter to pay for employee severance costs.

IBM announced the layoffs during a conference call reporting its financial results for the fourth quarter of 2022. Operating profits and revenue were in line with analysts’ forecasts, and operating earnings per share of $3.60 matched the consensus of analyst estimates, as compiled by Refinitiv.

IBM’s quarterly revenue of $16.7 billion was higher than the Wall Street estimate of $16.4 billion — and a 6 percent increase in constant currency — but was flat when adjusted for a stronger dollar.

IBM reported solid growth in its businesses selling cloud, artificial intelligence and data analysis software. The company’s consulting business grew by only half a percentage point, including the foreign-exchange impact.

In after-hours trading, IBM shares slipped about 2 percent. In the regular session, the company’s shares closed down 73 cents, to $140.76 a share.

Author: Yuvi

My name is Yuvi, I work as Sub Editor at newscinema.in

26 January, 2023, 5:49 am

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Thursday, 26th January 2023

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