IBM Lays Off 1,000 U.S. Workers on the QT
A Communications Workers of America union group says IBM (NYSE:IBM) has laid off as many as 1,000 employees this week, and there may be more cuts on the horizon, reports Business Insider.
The report was disclosed by Communications Workers of America union.group Alliance@IBM/CWA Local 1701, which gets data directly from IBM employees, according to Computerworld. WRAL Tech Wire reports that seven to eight business units have been affected.
A union spokesperson told Computerworld that the layoffs happened at locations in the U.S., and almost half of them are “mobile or work from home” positions, said Business Insider.
IBM refused to confirm the cuts, but the report said the company did release a statement that says it is “rebalancing” its workforce … meaning layoffs for some spots in the world and hiring in other spots.”
According to Computerworld, IBM has not released a count of U.S. employees since 2010, but the union estimates the company’s U.S. workforce to be fewer than 100,000 employees.
Here’s how shares of IBM closed the day:
International Business Machines Corp. (NYSE:IBM): IBM shares recently traded at $198.00, up $0.47, or 0.24%. They have traded in a 52-week range of $151.71 to $199.23. Volume today was 2,741,174 shares versus a 3-month average volume of 4,838,700 shares. The company’s trailing P/E is 15.16, while trailing earnings are $13.06 per share.