IBM announced revenue growth above expectation in Q4, and growth of 12% for FY22, however the company also announced 3,900 layoffs representing 1.5% of IBM’s workforce.

For Q4 FY22 IBM reported revenue of $16.7bn, up 6% at constant currency, though flat in real terms. IBM has seen success from its focus on hybrid cloud and AI, with good growth across all geographies.

For the full FY22, revenue was up 12% (cc) to $60.5bn, with about 4 points attributable from sales to Kyndryl. Hybrid cloud revenue was $22.4bn, up 17% (cc). Currency volatility was a significant headwind in 2022, impacting revenue by $3.5bn dollars. The planned layoffs are related to the spinoff of its Kyndryl business and a part of AI unit Watson Health. No UK specific revenue was provided, but in January IBM named Dr Nicola Hodson as its new Chief Executive for UK&I, succeeding Sreeram Visvanathan.

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