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IBM (NYSE:IBM) layoffs will see the tech company cutting 3,900 jobs, which represents about 1.5% of its workforce.
Based on IBM, these layoffs must do with its spinoff of the Kyndryl and Watson Health units. It will see the corporate adjusting its global workforce to bear in mind employees leftover after the spinoffs.
IBM notes that it’ll cost about $300 million to put off these employees. The corporate also says it still intends to rent recent employees, but only in higher-growth areas. All of this comes amid a string of layoffs from tech firms as inflation weighs on the economy.
The IBM Layoffs Follow an Earnings Miss
This layoff news also follows an earnings miss from IBM. Specifically, the corporate’s $10.4 billion in net money from operating activities and $9.3 billion free money flow got here in below estimates. This had analysts expecting IBM to announce a bigger variety of layoffs in an effort to chop costs.
As that didn’t occur, traders are reacting to the news negatively today. That brings with it heavy trading of IBM stock as investors sell shares. Some 8 million shares are on the move as of this writing. To place that in perspective, the corporate’s each day average trading volume is closer to 4.3 million shares.
IBM stock is down 4.9% as of Thursday morning.
There’s much more stock market news traders will need to find out about below!
We’ve got all of the newest stock coverage to get investors through Thursday! Just a few examples include our deep dives into what’s moving shares of Cryptyde (NASDAQ:TYDE), Mullen Automotive (NASDAQ:MULN) and Tesla (NASDAQ:TSLA) stock today. You may read up on all of that at the next links!
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On the date of publication, William White didn’t hold (either directly or not directly) any positions within the securities mentioned in this text. The opinions expressed in this text are those of the author, subject to the InvestorPlace.com Publishing Guidelines.
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