IBM plans to reduce its workforce

IBM has announced plans to reduce its workforce by potentially thousands of positions in the fourth quarter as it shifts focus towards its more profitable software sector. Despite a 35% increase in its shares this year, the company has faced a slowdown in its key cloud software growth, raising concerns among investors about future performance. CEO Arvind Krishna said that the job cuts would represent a low single-digit percentage of the global workforce, which stood at approximately 270,000 employees at the end of 2024.