Kyndryl plans job cuts, forecasts pretax profit below estimates

Software provider Kyndryl said it would cut jobs as part of a new cost-saving plan and forecast annual pretax profit below Wall Street estimates on Wednesday.

Shares of the company fell over 12% in early trading.

The company, which was spun off from IBM in 2021, has been restructuring a ‌number of ⁠low- or ⁠no-margin contracts it inherited from the tech giant to improve profitability.