IBM effected by DOGE cuts, downplays impact during Q1 earnings call
1. IBM lost 15 federal contracts due to DOGE cuts, totaling $100 million. 2. Federal contracts contribute 5-10% of IBM's consulting business revenue. 3. CEO Krishna downplayed DOGE's impact on future business profitability. 4. Consulting revenue decreased by 2% in Q1, totaling over $5 billion. 5. IBM emphasizes focus on critical government works amid the cuts.