{"id":1242060,"date":"2023-01-28T11:57:58","date_gmt":"2023-01-28T06:27:58","guid":{"rendered":"https:\/\/trak.in\/stories\/?p=1242060"},"modified":"2023-01-28T11:58:30","modified_gmt":"2023-01-28T06:28:30","slug":"ibm-has-suddenly-fired-3900-employees-across-major-divisions-find-out-why","status":"publish","type":"post","link":"https:\/\/trak.in\/stories\/ibm-has-suddenly-fired-3900-employees-across-major-divisions-find-out-why\/","title":{"rendered":"IBM Has Suddenly Fired 3900 Employees Across Major Divisions: Find Out Why?"},"content":{"rendered":"\n

IBM employees have also been subjected to a massive layoff, as a part of some asset divestments<\/a>.\u00a0<\/p>\n\n\n\n

\"IBM<\/figure>\n\n\n\n

The latest reports have confirmed that the company has laid off 3900 employees.<\/p>\n\n\n\n

IBM Fires 3900 Employees For Asset Divestments<\/strong><\/p>\n\n\n\n

As a result of some asset divestments, IBM fired 3,900 employees.<\/p>\n\n\n\n

Since the company missed its annual cash target, the excitement surrounding exceeding revenue projections in the fourth quarter has been dampened.<\/p>\n\n\n\n

James Kavanaugh, the chief financial officer, stated that the business was still committed to hiring for client-facing R&D.<\/p>\n\n\n\n

In a formal statement, IBM claimed that the layoffs were connected to the separation of its Kyndryl business and a section of Watson Health, its AI division.<\/p>\n\n\n\n

According to IBM Corp., the layoffs will result in a $300 million charge between January and March, and reportedly, its shares also dropped 2% in extended trading.<\/p>\n\n\n\n

According to a media report, approximately 200,000 IT employees have been let go since November of last year, including some record numbers at firms like Google, Microsoft, Facebook, and Amazon.<\/p>\n\n\n\n

Some business insiders estimate that between 30 and 40 percent of them are IT professionals from India. There appear to be a sizable number of individuals with H-1B and L1 visas.<\/p>\n\n\n\n

Market Unimpressed With IBM\u2019s Job Cuts<\/strong><\/p>\n\n\n\n

According to Jesse Cohen, senior analyst at Investing.com, the market appears to be unimpressed by the size of the company’s announced job cuts, which only represented 1.5% of its workforce.<\/p>\n\n\n\n

The analyst continued, “Investors were hoping for deeper cost-cutting measures.\u201d<\/p>\n\n\n\n

Due to higher-than-anticipated working capital requirements, IBM’s cash flow in 2022 was $9.3 billion, falling short of its target of $10 billion.<\/p>\n\n\n\n

In the fourth quarter, IBM’s software and consulting business growth slowed sequentially, but cloud spending was a bright spot, with deal signings for setting up services with partners like Amazon.com’s AWS and Microsoft’s Azure doubling in 2022.<\/p>\n\n\n\n

In the quarter that ended on December 31, its hybrid cloud revenue increased 2%. However, Refinitiv reported that its overall revenue for the period was flat at $16.69 billion compared to analysts’ estimates of $16.40 billion.<\/p>\n\n\n\n

IBM reported revenue growth of 5.5% in 2022, the highest level in a decade.<\/p>\n","protected":false},"excerpt":{"rendered":"

IBM employees have also been subjected to a massive layoff, as a part of some asset divestments.\u00a0 The latest reports have confirmed that the company has laid off 3900 employees. IBM Fires 3900 Employees For Asset Divestments As a result of some asset divestments, IBM fired 3,900 employees. Since the company missed its annual cash […]<\/p>\n","protected":false},"author":25,"featured_media":1242071,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[701],"tags":[702,131],"class_list":["post-1242060","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-it-industry","tag-ibm","tag-layoffs"],"acf":[],"yoast_head":"\nIBM Has Suddenly Fired 3900 Employees Across Major Divisions: Find Out Why? - Trak.in - Indian Business of Tech, Mobile & Startups<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/trak.in\/stories\/ibm-has-suddenly-fired-3900-employees-across-major-divisions-find-out-why\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IBM Has Suddenly Fired 3900 Employees Across Major Divisions: Find Out Why? - Trak.in - Indian Business of Tech, Mobile & Startups\" \/>\n<meta property=\"og:description\" content=\"IBM employees have also been subjected to a massive layoff, as a part of some asset divestments.\u00a0 The latest reports have confirmed that the company has laid off 3900 employees. 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