NET - Why Kyndryl Holdings Stock Crashed 10% Today
2023-05-17 11:04:43 ET
IT infrastructure services provider Kyndryl Holdings (NYSE: KD) wrapped up its fiscal year and reported Q4 2023 earnings last night, and the news was not good.
Instead of the $536 million in sales and $1.03-per-share loss (which already wasn't very good news) that analysts expected, Kyndryl reported sales of only $476 million and a loss of $3.24 per share. Investors are in revolt, and as of 10:15 a.m. ET, Kyndryl stock is down 10.7%.
For those not familiar, Kyndryl is a 2021 spinoff from IBM (NYSE: IBM) , representing the tech giant's old managed infrastructure services business. More recently, Kyndryl made headlines when it tied up with cybersecurity operator Cloudflare (NYSE: NET) earlier this month in a deal to the former's clients. Investors were not impressed.
For further details see:
Why Kyndryl Holdings Stock Crashed 10% Today