- IBM's (IBM) fourth-quarter earnings remained the same as last year at $16 billion, while their stock prices decreased by 3.8% on Thursday. The revenues from Red Hat, which IBM purchased for $34 billion, increased by 10%, software revenues rose by 2.8%, and consulting revenues went up by 0.5%.
- Additionally, IBM is letting go of approximately 3,900 employees which is equivalent to 1.5% of its worldwide staff. The termination of these positions will cost $300M. Despite this, IBM's CEO anticipates growth in both revenue and free cash flow by 2023.
Why it matters
IBM has joined other tech companies’ laying-off the staff; Alphabet will be cutting around 12,000 jobs, Microsoft slashing around 5% of its global workforce, and Meta cutting around 11,000.
