IBM is joining the layoff bandwagon: Failed to grow last quarter

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IBM is also joining the wave of layoffs in technology companies. It was learned that IBM, whose last quarter report was announced yesterday, will fire 3,900 people today. It was announced that IBM could not grow in the last quarter of 2022.

It has been learned that IBM, one of the world’s most established technology companies, will lay off many people.

According to the statement made by IBM, the main reason for layoffs is not the decrease in revenues. Many technology companies had started layoffs due to rising costs and slowing market conditions.

IBM announced that it will fire 3,900 people due to company sales in previous periods.

The number of employees of the company has decreased by 22 thousand since 2021.

Previously, Google announced that it would fire 12 thousand, Microsoft 10 thousand, Meta 11 thousand, and Amazon 17 thousand people.

LAST QUARTER REPORT DID NOT MEET EXPECTATIONS

IBM announced its balance sheet for the October-December 2022 period.

Accordingly, the company’s revenue in the last quarter of last year remained unchanged compared to the same period of the previous year and was recorded as 16.7 billion dollars.

The company’s revenue for 2022 was calculated as 60.5 billion dollars, an increase of 6 percent compared to the previous year. The US technology company generated $ 57.4 billion in revenue in 2021.

IBM’s net profit increased by 16 percent year-on-year to $ 2.7 billion in the fourth quarter of last year. IBM’s net profit was calculated as 2.3 billion dollars in the last quarter of the previous year.

The company’s net profit was recorded as 1.6 billion dollars in 2022, down 71.5 percent year-on-year. The technology company’s net profit in 2021 was 5.7 billion dollars.

IBM’s earnings per share were recorded as 2.96 dollars in the fourth quarter of last year. In the same period of 2021, this figure was calculated as 2.57 dollars.

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