Big Shrink to ‘Hire’ 25,000 in the US, as Layoffs Pile Up

IBM is in trouble and desperate hype is apparently required.
The last thing IBM needs is ending up on the receiving end of a Presidential tweet. So, to forestall this event, it announced in December that it would ‘hire’ 25,000 workers in the US. But current and already laid-off workers are now pooh-poohing this promise.
IBM is in trouble. Revenues in the fourth quarter fell to $21.8 billion, the 19th quarter in a row of year-over-year declines, IBM reported last week. Annual revenues fell 2% in 2016, the fifth year in a row of declines that none of the executive hype has managed to stem. These annual revenue declines add up. In 2016, revenues were down 25% from the peak in 2011:

This post was published at Wolf Street on Jan 23, 2017.