Freshly spun off from IBM (IBM) - Get International Business Machines Corporation Report, Kyndryl Holdings, an information technology services company, began trading on the New York Stock Exchange Thursday.
Shares were down 1.9% to $27.97 at last check.
"We’re ready for independence – and our customers are ready too," the company said in a statement.
IBM completed the spinoff of the $19 billion company on Wednesday. Kyndryl will trade on the New York Stock Exchange under the symbol KD.
For all of 2020, Kyndryl, New York, posted a net loss of $2.01 billion. Revenue for the year fell 4.6% to $19.35 billion from $20.28 billion in 2019, according to a regulatory filing.
Kyndryl will increase its investment in training its workforce of about 90,000 people to handle different cloud platforms, Chairman and Chief Executive Martin Schroeter told The Wall Street Journal.
Schroeter was previously IBM's senior vice president for global markets as well as IBM's chief financial officer. He joined IBM in 1992 and retired in 2020, but returned in January to head up Kyndryl.
IBM made the announcement last month, with Chairman and CEO Arvind Krishna saying that the separation of Kyndryl "squarely [focuses IBM] on delivering powerful hybrid cloud and AI solutions and capabilities to enterprises around the world.”
IBM in October also posted third-quarter earnings and missed analysts' revenue expectations.
IBM’s quarterly revenue edged up 0.3% to $17.6 billion from $17.5 billion in the year-earlier quarter. The latest figure missed analysts' estimates of $17.8 billion.
The company reported net income of $1.13 billion compared with $1.7 billion in the year-earlier period. Adjusted earnings were $2.52 a share compared with $2.58 in the 2020 comparable quarter.