Jan 25 (Reuters) - IBM Corp (IBM.N) on Wednesday announced 3,900 layoffs as part of some asset divestments and missed its annual cash target, dampening cheer around beating revenue expectations in the fourth quarter.
Analysts said news of the job cuts and free cash flow miss was behind the drop.
read moreIBM's 2022 cash flow was $9.3 billion, below its target of $10 billion, due to higher-than-expected working capital needs.
In October, IBM flagged softness in new bookings in Western Europe while peer Accenture Plc noted weakness in its consulting business.
For 2022, IBM recorded revenue growth of 5.5%, its highest in a decade.