2023-01-25 21:12:00

IBM cuts 3,900 jobs after muted consulting demand hits quarterly revenue

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Channel NewsAsia
By Cna

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IBM Corp on Wednesday said it would lay off 3,900 people as part of some asset divestments and posted flat fourth-quarter revenue due to lackluster demand for its consulting services.

Big Blue spun-off its large and laggard managed infrastructure business, now called Kyndryl, in late 2021 to focus on its hybrid-cloud, where it helps clients set up a combination of their own data centers and leased computing resources. It also divested its healthcare data and analytics business from its AI business Watson Health.

The resulting layoffs will cause a $300 million charge in the January-March period, IBM said.

But the company's chief financial officer, James Kavanaugh, told Reuters on Wednesday that IBM would continue to hire in focus areas.

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