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IBM spinoff Kyndryl to layoff employees for 'profitable growth'

Khas Khabar, Commercial, Kyndryl CEO, Kyndryl, Kyndryl Latest New, Kyndryl News, Kyndryl Layoff, Kyndryl Layoff News, Kyndryl Employees Layoff, Kyndryl Employees Layoff News, Kyndryl IBM, IBM Spinoff

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5 Dariya News

New Delhi , 01 Apr 2023

IT infrastructure services provider Kyndryl, a spinoff of tech major IBM, is laying off an unspecified number of employees globally.According to a report in CRN, Kyndryl which was spun out of IBM in late 2021 has about 90,000 employees.

"We are eliminating some roles globally - a small percentage - to become more efficient and competitive. This is in addition to the ongoing transformation work we have undertaken to streamline and simplify our processes and systems," a company spokesperson said in a statement.

These actions will "enable us to focus our investments in areas that directly benefit our customers and position Kyndryl for profitable growth," the spokesperson added.Kyndryl reported revenue of $4.3 billion in its third fiscal quarter 2023, down 6 per cent from the previous quarter.

Tech giant IBM also announced to lay off 3,900 employees in January.The layoffs will cause a charge of $300 million in the January-March period to the company, according to IBM Chief Financial Officer James Kavanaugh.

In its quarter ending December 31, 2022, the company delivered $16.7 billion in revenue, $3.8 billion of operating pre-tax income, and operating earnings per share of $3.60.Kyndryl joins a slew of tech companies such as Meta, Alphabet, Microsoft, Google, Twitter and others in laying off lakhs of employees amid the global economic headwinds.


Tags: Khas Khabar , Commercial , Kyndryl CEO , Kyndryl , Kyndryl Latest New , Kyndryl News , Kyndryl Layoff , Kyndryl Layoff News , Kyndryl Employees Layoff , Kyndryl Employees Layoff News , Kyndryl IBM , IBM Spinoff



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