IBM International Business Machines Corp

By Asa Fitch 

International Business Machines Corp. is cutting about 2,000 jobs in a round of layoffs this week, according to a person familiar with the matter, as the technology giant works to reshape its business.

"We are continuing to reposition our team to align with our focus on the high-value segments of the IT market, and we also continue to hire aggressively in critical new areas that deliver value for our clients and IBM," a company representative said in a statement.

IBM had 350,600 employees as of Dec. 31, the fewest number of employees reported since 2005, according to securities filings.

The company currently has about 25,000 open job postings world-wide.

Several technology firms have made staff cuts this year, including Symantec Corp. and Oracle Corp.

In April, IBM reported its third consecutive quarter of declining revenue, as efforts to expand in cloud computing and artificial intelligence haven't been enough to offset slower growth in equipment sales and services.

--Bowdeya Tweh contributed to this article.

(END) Dow Jones Newswires

June 07, 2019 13:01 ET (17:01 GMT)

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