Company: KD
Filing Date: 2025-02-06
Form Type: 10-Q
Source: 0001558370-25-000688
Chunk: 13

Company: Kyndryl Holdings, Inc.
Filing Date: 2025-02-06
Form: 10-Q
Item: Part I, Item 2
Chunk 13
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For the three months ended December 31, 2024, we reported $3.7 billion in revenue, a decline of 5 percent compared to the prior-year period. Roughly half of the decline was due to currency movements, and the remainder was largely attributable to actions the Company has taken to reduce low-margin components of its customer relationships, as well as the divestiture of the Company’s SIS platform in Canada, which was completed during the three months ended December 31, 2024. United States revenue declined 7 percent, Japan revenue was unchanged (but increased in constant currency), Principal Markets revenue declined 4 percent and Strategic Markets revenue declined 6 percent, in each case compared to the three months ended December 31, 2023. Net income of $215 million improved by $227 million versus the prior-year period driven by a $138 million after-tax gain from the sale of our SIS business (classified as a transaction-related benefit) and progress on our key initiatives to drive operating efficiencies and increased margins,