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.

Article source: https://www.nytimes.com/2023/01/25/business/ibm-layoffs.html