IBM, founded in 1911, announced late last year that it would invest $20 billion in semiconductors, quantum computing and other cutting-edge technology.
The computing company based in New York state did not talk of job cuts in its quarterly earnings report published on Wednesday, however, nor in a call with analysts to discuss the financial results. This cost is "entirely related" to the spin-off of Kyndryl and the disposal of health data and analysis businesses, an IBM spokesperson told AFP news agency.The more than century-old technology firm reported a profit of $2.9 billion in the final three months of last year, some 17 percent higher than the same period in 2021 despite revenue remaining flat at $16.7 billion.
Krishna unveiled the spending, which will take place over a decade, in a speech alongside US President Joe Biden in the tech giant's Poughkeepsie facility.