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☆ IBM is slashing jobs in marketing and communications
▼ + stars: | 2024-03-12 | by ( Hayden Field | ) www.cnbc.com time to read: +2 min

POLAND - 2023/09/11: In this photo illustration, IBM logo seen displayed on a smartphone with Artifical Intelligence (AI) symbols in the background. IBM on Tuesday told employees in its marketing and communications division that it's slashing the size of its staff, according to a person with knowledge of the matter. IBM said on its earnings call in January of last year that it was cutting 3,900 positions. In May, IBM announced WatsonX, billed as a development studio for companies to "train, tune and deploy" machine-learning models. Nearly two years ago, IBM sold its Watson Health unit for an undisclosed amount to private equity firm Francisco Partners.

Persons: Jonathan Adashek, hasn't, didn't, Arvind Krishna, James Kavanaugh, Watson, Krishna Organizations: IBM, Artifical Intelligence, CNBC, Unity, Microsoft, Google, Health, Francisco Partners Locations: POLAND

☆ IBM shares rise after earnings top estimates in ‘uncertain, volatile’ economy
▼ + stars: | 2024-01-24 | by ( Jordan Novet | ) www.cnbc.com time to read: +2 min

Net income, at $3.29 billion, or $3.55 per share, increased from $2.71 billion, or $2.96 per share, in the year-ago quarter. The company confronted "a very challenging, uncertain, volatile macroeconomic environment," Chief Financial Officer James Kavanaugh said in an interview with CNBC. Free cash flow for the year totaled $11.2 billion, more than the $10.5 billion that management had called for. IBM said software revenue came to $7.51 billion, up 3% but less than the $7.67 billion consensus among analysts surveyed by StreetAccount. Consulting revenue, at $5.05 billion, grew about 6% and ended up less than the $5.12 StreetAccount consensus.

Persons: Arvind Krishna, James Kavanaugh, — CNBC's Kristina Partsinevelos Organizations: IBM, LSEG, CNBC, StreetAccount, Consulting, IBM's, Software AG Locations: New Delhi

REUTERS/Brian Snyder/File photo Acquire Licensing RightsOct 25 (Reuters) - IT software and consultancy services provider IBM (IBM.N) reported third-quarter revenue slightly above Wall Street targets on Wednesday, buoyed by stable demand for its software solutions and a stronger-than-expected mainframe business. Shares of the Armonk, New York-based company rose 2% in trading after the bell. While the company has seen a slowdown in the growth of its overall business compared to last year, it reiterated its annual target for revenue growth and free-cash-flow generation. Revenue at its software segment, which now includes newly acquired IT budgeting software maker Apptio, rose nearly 8%, excluding the impact from a strong dollar. IBM's revenue in the third quarter rose about 5% to $14.8 billion, compared to an estimate of $14.73 billion, according to LSEG data.

Persons: Brian Snyder, Ernst &, James Kavanaugh, Chavi Mehta, Pooja Desai Organizations: REUTERS, IBM, Ernst & Young, Reuters, Big, Revenue, Thomson Locations: Cambridge , Massachusetts, U.S, , New York, United States, Bengaluru

July 19 (Reuters) - Enterprise software provider IBM's (IBM.N) second-quarter revenue fell short of Wall Street expectations on Wednesday, bogged down by tepid spending from businesses. Revenue growth in the U.S. and Western Europe was "muted" as the company wrapped up the cycle for its mainframe computers it launched last year, Chief Financial Officer James Kavanaugh said in an interview. Total revenue for the quarter ended June 30 fell 0.4% to $15.48 billion compared with analysts' average estimate of $15.58 billion, according to Refinitiv data. Analysts expect watsonx to aid the software business, which grew 7.2% to $6.6 billion during the reported quarter, thanks to enterprise digitization projects. Net income rose to $1.58 billion, or $1.72 per share, compared with $1.39 billion, or $1.53 per share, a year earlier.

Persons: James Kavanaugh, Chavi Mehta, Vinay Dwivedi Organizations: Enterprise, Accenture, India's Tata Consultancy Services, North, IBM, Thomson Locations: North America, U.S, Western Europe, Bengaluru

☆ IBM reports earnings beat, but misses on revenue
▼ + stars: | 2023-07-19 | by ( Kif Leswing | ) www.cnbc.com time to read: +2 min

IBM reported second-quarter earnings on Wednesday that topped analysts' estimates as the company expanded its gross margin. Revenue: $15.48 billion, versus $15.58 billion expected, according to Refinitiv. Net income for the quarter rose 13% to $1.6 billion from $1.4 billion, or $1.72 per share, a year earlier. IBM reiterated on Wednesday that it expects between 3% and 5% revenue growth through the end of the year in constant currency. The company's infrastructure division, which includes its mainframe sales, declined 14.6% to $3.6 billion in revenue.

Persons: Arvind Krishna, James Kavanaugh, Krishna Organizations: IBM, Economic, Revenue, Intel's, Hat Linux, Health, Systems Locations: Davos, Switzerland, Refinitiv

April 19 (Reuters) - IBM Corp (IBM.N) missed Wall Street expectations for first-quarter revenue on Wednesday, hurt by shrinking corporate spending on IT services and a strong dollar. IBM cut its full-year consulting revenue growth forecast to 6%-8% from earlier expectations of high single-digit percentage growth. IBM, which receives over 75% of its revenue from its software and consulting business units, said its consulting revenue rose 8.2% at constant currency to $4.96 billion in the quarter ended March 31. Accenture signaled to a wider slowdown last month, when it decided to slash about 19,000 jobs and trimmed revenue growth and profit forecasts. Total revenue in the first quarter rose 4.4% at constant currency to $14.25 billion, compared with analysts' estimate of $14.35 billion.

☆ Premarket stocks: Share buybacks could beat last year's record $1.2 trillion
▼ + stars: | 2023-02-10 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

Companies have announced about $175 billion worth of planned stock buybacks so far this year. This year will likely be the first with at least $1 trillion in completed S&P 500 company buybacks, said Howard Silverblatt at S&P Dow Jones Indices. ▸ GM (GM) just inked an exclusive deal for the hottest product in automaking: Semiconductors. The strong dollar is hurting multinationalsThe rip-roaring dollar cut deeply into the earnings of multinational companies selling their wares overseas last quarter. “We got hit with that.”McDonald’s (MCD) and 3M (MMM) also said in earnings reports that they were worried that the strong dollar would affect future sales.

☆ IBM cuts 3,900 jobs, misses annual cash target
▼ + stars: | 2023-01-26 | by ( Chavi Mehta | ) www.reuters.com time to read: +2 min

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.

☆ IBM to cut 3,900 jobs - Bloomberg News
▼ + stars: | 2023-01-25 | by ( ) www.reuters.com time to read: 1 min

Jan 25 (Reuters) - International Business Machines Corp (IBM.N) will cut 3,900 roles, or about 1.5% of its global workforce, its chief financial officer, James Kavanaugh, told Bloomberg News in an interview on Wednesday. Reporting by Yuvraj Malik in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

☆ IBM cuts 3,900 jobs after muted consulting demand hits quarterly revenue
▼ + stars: | 2023-01-25 | by ( Chavi Mehta | ) www.reuters.com time to read: +2 min

Jan 25 (Reuters) - IBM Corp (IBM.N) on Wednesday said it would lay off 3,900 people as part of some asset divestments and posted flat fourth-quarter revenue due to lackluster demand for its consulting services. The resulting layoffs will cause a $300 million charge in the January-March period, IBM said. IBM in October flagged softness in new bookings in Western Europe while peer Accenture Plc also noted weakness in its consulting business. Still, Kavanaugh said that the company is seeing its consulting business grow in terms of cloud spending. Total revenue was $16.69 billion in the period, compared with analysts' estimates of $16.40 billion, according to Refinitiv.

☆ IBM expects to exceed annual revenue target on resilient cloud momentum
▼ + stars: | 2022-10-19 | by ( Chavi Mehta | ) www.reuters.com time to read: +2 min

Oct 19 (Reuters) - IBM Corp (IBM.N) beat quarterly earnings estimates on Wednesday and said it expects to exceed full-year revenue growth targets as robust demand for the company's digital services helps cushion the blow from a strong dollar. IBM, whose cloud revenue rose 11% to $5.2 billion in the quarter, now expects the company's annual sales to increase more than its previous estimate of mid-single-digit growth at constant currency. IBM, which gets more than half its revenue from outside the United States, increased its full-year estimate for foreign exchange impact to 7% from 6%. Revenue came in at $14.12 billion, compared with $13.51 billion expected by analysts, according to Refinitiv data. On an adjusted basis, IBM earned $1.81 per share, beating estimates of $1.77.

☆ How the dollar's record rally is hitting companies this earnings season
▼ + stars: | 2022-07-22 | by ( Samantha Subin | ) www.cnbc.com time to read: +6 min

The dollar's record rally is wreaking havoc on some of the biggest companies in the world this earnings season. Morgan Stanley's Michelle Weaver said in a note to clients this week that the dollar's rally presents a headwind to earnings for U.S. companies, which make roughly 30% of sales abroad combined. Technology stocks are among the biggest behemoths so far to report headwinds from the dollar's strength this earnings season. Meanwhile, consumer discretionary names like Hasbro and Mattel are also feeling the pinch from the dollar's rally. While companies remain cautious going forward, some analysts and big investors also believe the dollar's rally has already shown signs that it's rolling over.

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