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IBM Layoffs: IBM started the process of retrenchment of 3900 employees, this was the reason

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IBM Layoffs: Tech giant IBM is laying off 3,900 employees. The layoffs will cost the company $300 million in the January-March period, according to James Kavanaugh, IBM’s chief financial officer. We’ve taken a number of significant actions over the past few years that have resulted in some stranded costs in our business, he said during the company’s earnings call late Wednesday.

IBM joins Meta, Alphabet, Microsoft

We expect to remove these remaining stranded expenses early in the year and expect to take a charge of approximately $300 million in the first quarter, Kavanaugh said. IBM now joins a host of tech companies such as Meta, Alphabet, Microsoft and others, which are laying off employees amid global economic headwinds.

The company’s December quarter performance

For the quarter ending December 31, 2022, the company achieved revenue of $16.7 billion, operating pre-tax income of $3.8 billion, and operating earnings per share of $3.60. The company said, in the seasonally strongest quarter, we generated free cash flow of $ 5.2 billion. Revenue for the quarter was up more than 6 percent at constant currency.

What IBM Management Has to Say

IBM President and CEO Arvind Krishna said that to strengthen the software portfolio, we have invested in hybrid cloud and AI capabilities. This year we will achieve greater productivity, expand our strategic partnership, and invest more in specific growth markets, Krishna said. For 2023, we see revenue growth in line with our mid-single-digit model range and free cash of approximately $10.5 billion, he said.

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