IT Giant IBM Corp reportedly fired around 3,900 employees on Wednesday with officials saying that the workforce cut was part of some asset divestment.
According to reports, the layoffs are the result of the company not meeting its annual cash target, and revenue expectations in the fourth quarter.
Chief Financial Officer James Kavanaugh said the cuts will focus on workers remaining after spinning off the Kyndryl and Watson Health units and will cost the company about $300 million. But Kavanaugh, told Reuters on Wednesday that IBM would continue to hire in focus areas.
Meanwhile, Layoffs at Google’s parent company, Alphabet Inc., Microsoft Corp., Amazon.com Inc. and IBM combined have eliminated nearly 44,000 positions in January.
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