For the past 20 years, IBM has been an avid, methodical buyer of its own stock. In 1993, it had 2.3 billion shares outstanding. Today it has 1.1 billion, shrinking at more than 1% per quarter over the past few years. At that pace, there will be no more publicly traded IBM shares left by 2034.
This was a key reason that I decided to leave IBM. The current focus on earnings / share at the expense of all else isn’t becoming of a company with a 100 year tradition of innovation. In the quest of this it also looks like there will be another massive layoff in the next couple of months.
Still makes me sad, as there are tons of great people doing great work at IBM. But it’s more in spite of the executive leadership than because of it.