is splitting itself into two public companies, capping a years-long effort by the world's first big computing firm to diversify away from its legacy businesses to focus on high-margin cloud computing.
The new company will have 90,000 employees and its leadership structure will be decided in a few months, Chief Financial Officer James Kavanaugh told Reuters. Investors cheered the surprise move by Chief Executive Officer Arvind Krishna, the key architect behind IBM’s $34 billion acquisition of cloud company Red Hat last year, sending the company’s shares up 7%.
“IBM is essentially getting rid of a shrinking, low-margin operation given the cannibalizing impact of automation and cloud, masking stronger growth for the rest of the operation,” Wedbush Securities analyst Moshe Katri said.
More fake news by Reuters. IMB is not doing this.
Um IMB?
you misspelled IBM as IMB. Oops. 😉
IBM, dummies
Heard IBM is doing the same thing!
You mean IBM. Not IMB.
You mean IBM.
spellcheck
The new company can be called Imbecile Bureaucrat Maker.
So like a horcrux?
Did you know that IBM was still a real thing?
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