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Kyndryl’s first year yields revenue challenges and a plan to make more

In the year since it spun out of IBM, Kyndryl has made a number of big strides in establishing itself as a core infrastructure service management player, but challenges remain.

For example, while it has substantially expanded its partnerships and technology, its financial situation hasn’t shown a similar bump. Just this week the company reported  second quarter revenues of $4.2 billion, a year-over-year drop of 9%. The company has reported similar results in other recent quarters. 

“Currency and energy-costs impacts are superseding the operational progress we’re making,” Kyndryl CFO David Wyshner told Wall Street analysts during the firm’s 2Q 2023 call this week. “And while the risk of a global recession has clearly increased, we continue to see broadbase demand for digital transformation in infrastructure services.”

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Source:: Network World – Data Center