IBM said to begin cutting jobs

Investor's Business Daily

Big Blue has reportedly begun the workforce reductions it said in April it would make. IBM (IBM) has said it would spend $1 bil on the reductions, which target employees at all levels, including line workers as well as executives. IBM announced the cuts after its Q1 profit of $3 per share missed analysts' $3.05 target. IBM will likely cut 6,000-8,000 jobs, about 2% of its workforce, Oracle Investment Research told Bloomberg. IBM shares fell 1.4% to 201.20 .

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