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IBM eliminates 3,900 positions after a decline in consulting demand and lower quarterly revenue.

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IBM Corp On Wednesday According to the company, it will lay off 3,900 workers as part asset divestments. The fourth quarter revenue was flat due in large part to low demand for its consulting service.
Big Blue The large and slow-moving managed infrastructure business was sold to be spun off, which is now known as KyndrylIn late 2021, it will focus on hybrid-cloud. This is where clients can set up a mix of their own data centers as well as leased computing resources. It Also, it sold its healthcare data analytics and business from its AI company. Watson Health.
The The $300 million cost of the resulting layoffs is expected to be borne by the January-March IBM stated,
But The company’s chief financial officers, James KavanaughThe story was told Reuters On Wednesday IBM will continue to hire in its focus areas.
“Unlike many others over the last 2 to 2-1/2 years that were hiring in tens and thousands of people … we are leveraging digitization, AI automation, that drives efficiency, but we are committed to hiring for client-facing research and development,” He stated.
The Company also expects annual revenue growth in mid-single figures in constant currency terms. This is lower than the 12% it reported last years. This is because clients are now more cautious about spending due to rising recession fears.
IBM in October Flagged softness in bookings Western Europe While peer Accenture Plc Also, the company’s consulting business was weak. Cognizant Technology Solutions Corp In November A pullback in contract prices caused the company to reduce its 2022 forecast.
Still, Kavanaugh The company’s cloud spending business is expanding, according to Mr. Its For services such as setting up partnerships, the number of deal signings has doubled to 2022 AmazonAWS at.com Microsoft’s Azure.
Its Hybrid cloud revenue increased by 2% to $6.3 Billion in the last quarter Dec. 31. Total Revenue was $16.69 billion during the period, which is a significant increase from analysts’ estimates at $16.40 billion. Refinitiv.
The A 110-year-old company that makes more than half its revenue outside of the United States. United StatesAccording to, the U.S. dollar’s weakness will have a negative impact on its foreign exchange business. It The fourth quarter saw a forex hit exceeding $1 billion.

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