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INTERNATIONAL BUSINESS MACHINES CORPORAT

(IBM)
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International Business Machines : IBM cuts a further 2 000 workers

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06/10/2019 | 10:36am EDT

BMs retrenchment of 2 000 employees can be viewed as refinement by a company that has been struggling for the past decade, an analyst said today.

The New York-based firm confirmed to media on Friday that the 2 000 employees to be retrenched represent only 1% of its global workforce. It is not yet clear if any IBM South Africa staff would lose their jobs, as the company is yet to comment on the matter.

On Friday, IBM Global confirmed in a statement that a small percentage of employees who are not performing at a competitive level would be leaving the company.

Further, the IBM statement read: We are continuing to re-position our team to align with our focus on the high value segments of the IT market while aggressively hiring in critical new areas that deliver value for our clients and IBM."

IBM has previously shed jobs for two consecutive years.

The first job losses were in 2016 when the company was shifting its focus towards cloud computing; the following year, 2017, the jobs bloodbath continued at IBM with more jobs being cut.

One analyst says the job losses are a continuation of a process IBM began a decade ago.

Senior equity analyst at Cape Town-based Mergence Investment Managers, Peter Takaendesa, says: The job layoffs can be viewed as a way of refining a process IBM started a decade ago. The journey of shifting from hardware to software a decade ago has had challenges. Software services require less resources than hardware and also automation keeps going, also affecting jobs.

Takaendesa also points out that competition has severely affected IBMs performance as new entrants had performed better.

The smaller guys (SMEs) have also given IBM strong competition; they came into the market smaller but they have done better in terms of services offering, he says.

IBM has for years been viewed by analysts as lagging behind the overall technology sector. It went for six years declining in sales until 2018 when it grew revenue by a meagre 1%.

(c) 2019 Kabulpress.org. All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials ($)
Sales 2019 77 031 M
EBIT 2019 13 846 M
Net income 2019 10 811 M
Debt 2019 32 973 M
Yield 2019 4,87%
P/E ratio 2019 10,91
P/E ratio 2020 10,58
EV / Sales 2019 1,96x
EV / Sales 2020 1,90x
Capitalization 118 B
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Mean consensus HOLD
Number of Analysts 22
Average target price 147 $
Spread / Average Target 11%
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Managers
NameTitle
Virginia M. Rometty Chairman, President & Chief Executive Officer
James J. Kavanaugh Chief Financial Officer & Senior Vice President
John E. Kelly Senior VP-Cognitive Solutions & Research
Martin Jetter SVP-Global Technology Services
Sidney Taurel Independent Director
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