The layoffs are a result of its spinning off of technology services business Kyndryl as a separate company and the sale of its health care data analytics business. The cuts amount to 1.5% of its workforce, according to Reuters.
Despite this, IBM’s quarterly revenue of $16.7 billion beat Wall Street’s estimate, the Times noted.
Software company SAP also announced job cuts of up to 3,000 employees, as reported by The Wall Street Journal on Wednesday. The layoffs amount to 2.5% of SAP’s global workforce, with the company having employed around 111,015 people last year (compared to 104,364 in 2021).
Neither IBM nor SAP immediately responded to requests for comment.