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IBM fires nearly 3,900 employees as company fails to meet annual cash target

According to reports, the layoffs are the result of the company not meeting its annual cash target, and revenue expectations in the fourth quarter.

Edited By: Shashwat Bhandari @ShashBhandari New Delhi Updated on: January 26, 2023 8:24 IST
Representational image
Image Source : FILE PHOTO Representational image

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.

Company's Chief Financial Officer James Kavanaugh while speaking to Reuters said that the company was still committed to hiring for client-facing research and development.

ALSO READ Amazon begins another round of layoffs, 18,000 employees to be affected

ALSO READ | Tech industry in turmoil: Layoffs on the rise as companies struggle to stay afloat

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