Kyndryl records first quarterly profit as consulting strengthens

IT services provider Kyndryl Holdings recorded its first quarterly profit since its spin-off in 2021, helped by growth in its consulting segment and a shift to higher-margin deals.

The company, the former infrastructure services business of IBM, also raised its forecast for 2024 core operating margin and annual adjusted pre-tax income.

Kyndryl reported a net income of $11 million in the first quarter, compared to a loss of $141 million in the year-ago period.