New Delhi. IBM Job Cuts: Due to the global crisis, the IT sector is undergoing rapid layoffs. After Google, Microsoft and Amazon, now IBM has also shown the way out to the employees. Tech company IBM has laid off around 3900 employees. According to IBM chief financial officer James Kavanaugh, the layoffs will cost the company $300 million in the January-March period.
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expenses will be reduced
We’ve taken a number of significant actions over the last few years, he said during the company’s call late Wednesday. This has resulted in some stranded costs in our business. We expect to address these remaining stranded expenses early in the year and expect to take a charge of approximately $300 million in the first quarter, Kavanaugh said.
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Earlier these companies have done layoffs
IBM has now joined a host of tech companies such as Meta, Alphabet, Microsoft and others, which are laying off employees amid global economic headwinds.
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$16.7 billion in revenue
The company projects revenue of $16.7 billion, operating pre-tax income of $3.8 billion, and operating earnings per share of $3.60 for the quarter ending December 31, 2022. The company said, in our seasonally strongest quarter, we generated free cash flow of $ 5.2 billion. With this, revenue for the quarter was up 6 per cent at constant currency.
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What did company officials say?
IBM President and CEO Arvind Krishna said that to strengthen the software portfolio, we have invested in hybrid cloud and AI capabilities. Krishna has said that this year we will achieve more productivity. Expand our strategic partnership and invest more in specific growth markets. That said, for 2023 we see revenue growth in line with our mid-single-digit model range and free cash of approximately $10.5 billion.
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