April 23, 2025, 6:20 pm
During its quarterly update, IBM disclosed that 15 federal contracts—amounting to nearly $100 million—were cancelled following DOGE-related government efficiency cuts. Although the tech giant reported sales topping estimates and maintained full-year guidance, the loss of these key contracts remains a significant setback, stirring concerns about future federal revenue streams.
To restore confidence, IBM issued rare quarterly guidance and reported stronger-than-expected Q1 results.
Big Blue downplays impact of Elon-gated cost-cutting IBM beat Wall Street's expectations for both revenue and income in the first quarter of 2025, but its stock price still dropped more than six percent in after-hours trading.…
Tech and consulting giant IBM was not immune to the Department of Government Efficiency’s (DOGE) cuts. IBM had 15 of its federal contracts cancelled due to DOGE-related cuts during the first quarter of 2025, according to reporting from Reuters and Bloomberg. These cuts amount to $100 million in...
IBM Posts Sales Topping Estimates, Says DOGE Hit 15 Contracts Bloomberg.com
permalink / 4 stories from 4 sources in 6 hours ago #doge #earnings #technology #business #ibm #government #enterprise #stockmarket #elonmusk #techindustry #restructuring
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