IBM has cut 15% of its staff in Australia

IBM Watson. Photo: David Ramos/Getty Images

IBM Australia has cut 15%, or almost 1000 people, from its Australian work force, according to its latest financial report.

The number of employees fell to 5489 in 2016, down from 6463, with wages and benefit expenses falling 10% to $249.66 million for the 12 months.

IBM reported $43.08 million in termination benefits in Australia in 2016.

The numbers are in the latest financial report filed by IBM’s local company, IBM Australia Ltd, with the corporate regulator ASIC.

In the US, IBM’s latest quarterly results show revenue of $18.2 billion down by roughly 2% from the first quarter of 2016.

Its shares fell 5% in response. The hardware and software business has now posted 20 consecutive quarters of declining revenue.

In Australia, IBM reported a fall in revenue for 2016 to $3.19 billion from $3.51 billion the year before.

The sales of goods, including software, fell 15% to $820.91 million. Services sales dropped more than 6% to $2.29 billion.

And profit fell hard. The tech giant calculated profit at just $16.83 million, a 68% fall from $53.29 million in 2015.

Here are the numbers in detail:

Source: IBM

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.