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IBM Spinoff Kyndryl Cuts ‘Small Percentage’ of 90,000 Workforce

(Bloomberg) -- Kyndryl Holdings Inc., a 2021 spinoff from IBM with about 90,000 employees worldwide, is the latest technology company to shed workers in a turbulent time for the industry.

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The company announced cuts internally this week that amounted to a “small percentage” of Kyndryl’s global workforce, a company spokesperson said Wednesday. “These actions will enable us to focus our investments in areas that directly benefit our customers and position Kyndryl for profitable growth,” he said.

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Kyndryl split from International Business Machines Corp. in November 2021, taking a large chunk of a legacy infrastructure services business that had been a drag on growth. While the company last month reported that fiscal third-quarter revenue declined 6% to $4.3 billion, the sales topped analysts’ estimates, sending shares up 21% the next day.

It joins numerous tech peers in culling staff, including its old parent company, which eliminated 3,900 jobs earlier this year.

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