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

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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.

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