IBM is also going to lay off. The company has laid off 3,900 employees. In layoffs, IBM joins a host of tech companies such as Meta, Alphabet, Microsoft and others.
After Twitter, Meta, Microsoft and Google, now IBM is also going to lay off. The company is laying off 3,900 employees. IBM Chief Financial Officer James Kavanaugh said the layoffs would cost the company $300 million between January and March. During the revenue call, the company said that we have taken several important actions over the years, due to which there have been some stranded costs in our business.
IBM laid off 3,900 employees
With the layoffs, IBM joins a host of tech companies such as Meta, Alphabet, Microsoft and others, which are laying off thousands of employees amid global economic adversities.
With the layoffs, we expect to clear these remaining accruals early in the year and expect to take a charge of approximately $300 million in the first quarter, said Chief Financial Officer James Kavanaugh.
In the last quarter of 2022, the company earned revenue of $ 16.7 billion, operating pre-tax income of $ 3.8 billion, and operating income of $ 3.60 per share. IBM President Arvind Krishna said that to strengthen the software portfolio, we have invested in hybrid cloud and AI capabilities.