IBM cuts 3,900 jobs
IBM announced today that it will lay off about 3900 workers, which is less than 2% of the global workforce. The company is the last technology company to lay off workers. IBM's workforce reduction is not as large as that of other major technology companies. Google-parent Alphabet announced 12000 job cuts, Microsoft 10000 and Amazon 18000.
The layoffs are mostly the results of earlier asset sales and less a result of the current market climate, according to IBM. IBM sold or restructured several assets in the last two years. The company's legacy technology services business was spun off in 2021 and its health care data analytics business was sold in 2022.
The layoffs will cost IBM about $300 million to pay for employee severance costs. The layoffs were announced during an investor conference call for the financial results of the fourth quarter of 2022. IBM is still committed to hiring "for client-facing research and development" according to the company's CFO.
The company's revenue and operating profits matched the predictions of analysts. IBM managed to earn $16.7 billion in revenue in the quarter, which was $0.3 billion higher than what Wall Street hat estimated. Earnings per share was $3.60, which beat analyst estimates by $0.02 per share. The operating pre-tax income was $3.8 billion.
CEO Arvind Krishna attributed the success to IBM's hybrid cloud and artificial intelligence strategy. Software revenue was up 8%, consulting 9% and infrastructure 7% according to Jim Kavanaugh, IBM's Chief Financial Officer.
Revenue by division for the fourth quarter of 2022 according to the published earnings report.
- Software: $7.3 billion
- Consulting: $4.8 billion
- Infrastructure: $4.5 billion
The company's shares fell more than 4% today and are trading at $134 at the time of writing.
IBM expects that its revenue will grow in the mid-single digits and that its free cash flow will grow to $10.5 billion in fiscal 2023. The free cash flow would increase by more than $1 billion if the prediction holds.
Chief Financial Officer James Kavanaugh revealed on Wednesday that the weak Dollar was helping IBM but that the currency effect would be neutral in 2023 overall. IBM plans to expand its strategic partnerships and increase investments in specific growth markets in 2023.
A full transcript of the earnings call is available here.
Martin, I would appreciate that you do not censor this post, as it’s informative writing.
Onur, there is a misleading statement “[…] GIFs are animated images …”. No, obviously you don’t seem to have take much notice of what you were told back in March regarding; Graphics Interchange Format (GIF).
For example, https://www.ghacks.net/2023/03/31/whats-gif-explanation-and-how-to-use-it/#comment-4562919 (if you had read my replies within that thread, you might have learnt something useful). I even mentioned, “GIF intrinsically supports animated images (GIF89a)”.
You linked to said article, [Related: …] within this article, but have somehow failed to take onboard what support you were given by several more knowledgeable people.
If you used AI to help write this article, it has failed miserably.
AI is stupid, and it will not get any better if we really know how this all works. Prove me wrong.. https://www.youtube.com/watch?v=4IYl1sTIOHI
Martin, [#comment-4569908] is only meant to be in: [https://www.ghacks.net/2023/07/09/how-to-send-gifs-on-iphone-two-different-ways/]. Whereas it appears duplicated in several recent random low-quality non relevant articles.
Obviously it [#comment-4569908] was posted: 9 July 2023. Long before this thread even existed… your database is falling over. Those comments are supposed to have unique ID values. It shouldn’t be possible to duplicate the post ID, if the database had referential integrity.
Don’t tell me!
Ghacks wants the state to step in for STATE-MANDATED associations to save jobs!!!
Bring in the dictatorship!!!
And screw Rreedom of Association – too radical for Ghacks maybe
GateKeeper ?
That’s called “appointing” businesses to do the state’s dirty work!!!!!
But the article says itself that those appointed were not happy – implying they had not choice!!!!!!
@The Dark Lady,
@KeZa,
@Database failure,
@Howard Pearce,
@Howard Allan Pearce,
Note: I replaced the quoted URI scheme: https:// with “>>” and posted.
The current ghacks.net is owned by “Softonic International S.A.” (sold by Martin in October 2019), and due to the fate of M&A, ghacks.net has changed in quality.
>> ghacks.net/2023/09/02/microsoft-is-removing-wordpad-from-windows/#comment-4573130
Many Authors of bloggers and advertisers certified by Softonic have joined the site, and the site is full of articles aimed at advertising and clickbait.
>> ghacks.net/2023/08/31/in-windows-11-the-line-between-legitimate-and-adware-becomes-increasingly-blurred/#comment-4573117
As it stands, except for articles by Martin Brinkmann, Mike Turcotte, and Ashwin, they are low quality, unhelpful, and even vicious. It is better not to read those articles.
How to display only articles by a specific author:
Added line to My filters in uBlock Origin: ghacks.net##.hentry,.home-posts,.home-category-post:not(:has-text(/Martin Brinkmann|Mike Turcotte|Ashwin/))
>> ghacks.net/2023/09/01/windows-11-development-overview-of-the-august-2023-changes/#comment-4573033
By the way, if you use an RSS reader, you can track exactly where your comments are (I’m an iPad user, so I use “Feedly Classic”, but for Windows I prefer the desktop app “RSS Guard”).
RSS Guard: Feed reader which supports RSS/ATOM/JSON and many web-based feed services.
>> github.com/martinrotter/rssguard#readme
We all live in digital surveillance glass houses under scrutiny of evil people because of people like Musk. It’s only fair that he takes his turn.
“Operating systems will be required to let the user choose the browser, virtual assistant and search engine of their choice. Microsoft cannot force users to use Bing or Edge. Apple will have to open up its iOS operating system to allow third-party app stores, aka allow sideloading of apps. Google, on the other hand, will need to provide users with the ability to uninstall preloaded apps (bloatware) from Android devices. Online services will need to allow users to unsubscribe from their platform easily. Gatekeepers need to provide interoperability with third-parties that offer similar services.”
Wonderful ! Let’s hope they’ll comply with that law more than they are doing with the GDPR.