The whole world is under a crisis. Amidst this pandemic, companies are laying off their employees in order to stay in business. Loss of job is a big hit to recover from for anyone. This is happening all around the globe.
IBM (international Business Machine) is laying off its employees. The company has announced that it will be laying off an undefined number of employees to decrease the workforce. The new CEO Arvind Krishna is all set to resuscitate the development sector.
The company did not disclose the scale of the job losses. However, old employees and experts predict that the decision is going to affect thousands.
Companies such as HP have also announced various cost-cutting programs, salary cuts, and new employment freezes. The pandemic has led Big Blue’s stock to go as low as 20% in the last 3 months.
IBM is a huge name in tech world. But, the economic slowdown has led huge companiesto take such a step to make the business more agile to be able to suffer the backdrop. A lot of company’s customers are backing out with their investments and holding off big investments. This corona pandemic has hit everyone to the rock bottom.
“IBM’s work in a highly competitive marketplace requires flexibility to constantly remix high-value skills, and our workforce decisions are made in the long-term interest of our business” the company stated.
IBM released the stats that earnings per share fell 18% on an adjusted basis to $1.84 with sales 3.4% to $17.57 billion down.