IBM cuts 3,900 jobs, misses annual cash target

IBM Corp on Wednesday announced 3,900 layoffs as part of some asset divestments and missed its annual cash target, dampening cheer around beating revenue expectations in the fourth quarter. IBM's 2022 cash flow was $9.3 billion, below its target of $10 billion, due to higher-than-expected working capital needs. For 2022, IBM recorded revenue growth of 5.5%, its highest in a decade. IBM's 2022 cash flow was $9.3 billion, below its target of $10 billion, due to higher-than-expected working capital needs. For 2022, IBM recorded revenue growth of 5.5%, its highest in a decade.