IBM Australia’s Net Profit Takes A Big Hit
IBM Australia’s net profit in 2020 took an almost $20 million hit, falling from $109.1 million in 2019 to $89.7 million for the 2020 calendar year.
Revenues fell from $2.58 billion in 2019 to $2.39 billion in 2020, however it was a $41 million tax bill that resulted in the large fall in fortune. IBM also had to back-pay staff $12.3 million, after it was found 1,647 staffers were underpaid between 2012 and 2020.
Cloud and cognitive software was the only bright spot across the business, with revenue lifting from $622 million to $635.6 million. This was the only sector to enjoy an increase in revenue, aside from global business services, which rose from $503.6 million to $508.6 million in 2020.