Tietoevry CEO blames 'salary inflation' as EBIT plummets for the second consecutive quarter by more than 70 per cent

Kimmo Alkio blames salary inflation for the slump in the Nordic reseller's numbers, while announcing a spin-off of its banking business

Kelsey Rees
clock • 2 min read
Tietoevry CEO blames 'salary inflation' as EBIT plummets for the second consecutive quarter by more than 70 per cent

Finnish IT services group Tietoevry saw EBIT take a severe tumble in its second quarter 2022 financial results.  Group revenues came to €739m for Q2, up 2.4 per cent on the previous quarter. However, EBIT fell dramatically by 72 per cent year on year to €39.7m from €139.7m in the second quarter of 2021. Tietoevry's CEO, Kimmo Alkio, blamed the slump on salary inflation.  "While attrition levels are now stabilising, profitability for the quarter was impacted by exceptionally high s...

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