IBM sees growth in 2022 after the company spun off its managed-infrastructure services unit.
In early March, IBM"Russia is a very de minimis part of IBM," Jim Kavanaugh, the company's finance chief, said in an interview on Tuesday. The country accounts for 0.5% of total revenue and 2% of profit, he said. Management hasn't witnessed any effects on business in Western Europe as a result of the departure, he said.
IBM's stock has been outperforming the S&P 500 this year, falling about 3% as of Monday's close, while the broader index is down 6%. Investors have rotated into value stocks in 2022, given rising interest rates and the war in Europe. "The inflationary impacts and the escalating cost of talent acquisition are real," Kavanaugh during the interview.
The gross margin of IBM's consulting business contracted to 24.3% from 27.8% in the year-ago quarter, and the companywide gross margin reached 51.7%, compared with 53.3% one year ago. Acquisitions cut into margins in addition to higher costs to hire employees, Kavanaugh said on the analyst call. IBM announced the acquisitions of environment data analytics software maker
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