New Delhi : On the occasion of New Year, Google (Google) and Microsoft (Microsoft) had announced to shut down one of their services and products forever in January 2023 itself. Earlier, many giant companies like Amazon and Meta have done layoffs in their company on a large scale. At the same time, after the American carmaker Ford Layoffs, IBM has also joined this list of layoffs.
Due to the ongoing recession in the market, the process of retrenchment of employees in tech companies is not taking the name of stopping. Recently, many big tech companies have fired a large number of their employees for different reasons. So on the other hand, if we talk about the American company IBM, then this company has taken a big step on Wednesday.
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Thousands of employees will be out
Actually, this company has announced the layoffs of 3 thousand 900 employees (IBM Layoffs). Let us tell you that the effect of this decision of the company is also big on its stock. Because IBM shares fell up to 2% after the company announced layoffs. Not only this, the company’s stock closed at the level of 140.76 with a loss of 0.52% at the end of yesterday’s trading.
Why was the decision taken?
According to media reports, the company also told that this major decision has been taken after not being able to achieve revenue and its annual cash target in the fourth quarter results. Under which there will be retrenchment on such a large scale.