{"id":82174,"date":"2023-11-08T11:44:26","date_gmt":"2023-11-08T16:44:26","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/kyndryl-narrows-2q-loss-after-cost-cuts\/"},"modified":"2023-11-08T11:44:40","modified_gmt":"2023-11-08T16:44:40","slug":"kyndryl-narrows-2q-loss-after-cost-cuts","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=82174","title":{"rendered":"Kyndryl Narrows 2Q Loss After Cost Cuts"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"MW-BT-CO-20231107-714051\" role=\"document\">\n<p>By Will Feuer<\/p>\n<pre><\/pre>\n<p>Kyndryl Holdings narrowed its fiscal second-quarter loss as the provider of information-technology-infrastructure services cut costs ahead of schedule.<\/p>\n<p>The company, which was spun off from International Business Machines in 2021, reported a loss of $142 million, or 62 cents a share, for the three months ended Sept. 30, narrowed from a loss of $281 million, or $1.24 a share, in the same period last year.<\/p>\n<div class=\"paywall\">\n<p>Stripping out workforce-rebalancing charges and other one-time items, Kyndryl reported an adjusted loss of 5 cents a share. Analysts surveyed by FactSet expected an adjusted loss of 13 cents a share.<\/p>\n<p>Revenue fell about 3%, to $4.07 billion. Analysts surveyed by FactSet expected sales of $3.91 billion.<\/p>\n<p>The drop in revenue reflects Kyndryl&#8217;s effort to get out of unprofitable or low-margin third-party content in customer contracts.<\/p>\n<p>&#8220;We sit at the center of the secular trends that our customers want to be a part of,&#8221; Chief Executive Martin Schroeter said in an interview. &#8220;Customers are now seeing how much automation improves how they operate and so they&#8217;re now pulling us faster on this journey than what we&#8217;d assumed.&#8221;<\/p>\n<p>Demand, he said, has remained stable despite the broader slowdown in enterprise-technology spending. &#8220;We&#8217;re not discretionary,&#8221; he said, adding that he expects demand to keep holding up.<\/p>\n<pre><\/pre>\n<p>Write to Will Feuer at Will.Feuer@wsj.com<\/p>\n<pre><\/pre>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/kyndryl-narrows-2q-loss-after-cost-cuts-6ba5b55b?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Will Feuer Kyndryl Holdings narrowed its fiscal second-quarter loss as the provider of information-technology-infrastructure services cut costs ahead of schedule. The company, which was spun off from International Business Machines in 2021, reported a loss of $142 million, or 62 cents a share, for the three months ended Sept. 30, narrowed from a loss [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1898,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-82174","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Kyndryl Narrows 2Q Loss After Cost Cuts | iFintechWorld<\/title>\n<meta name=\"description\" content=\"By Will Feuer Kyndryl Holdings narrowed its fiscal second-quarter loss as the provider of information-technology-infrastructure services cut costs ahead\" \/>\n<meta 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