Kyndryl misses quarterly estimates on weak sales, charges linked to job cuts
IT services provider Kyndryl missed Wall Street estimates for the first quarter on Wednesday, as lower demand and charges tied to its workforce rebalancing plan weighed on results.
The company’s shares were down 7.9% in morning trading.
Revenue in Kyndryl’s largest geographic segment, Principal Markets, fell 7% in the quarter to $1.26 billion.
The company’s first-quarter revenue of $3.62 billion missed analysts’ average estimate of $3.64 billion, according to data compiled by LSEG.
