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.