IBM confirmed Friday that it is laying off 1,700 employees.
The layoffs, which affect one half of 1 percent of IBM’s 340,000 strong workforce — were confirmed by the tech company to CNBC.
“We are continuing to reposition our team to align with our focus on the high-value segments of the IT market, and we also continue to hire aggressively in critical new areas that deliver value for our clients and IBM,” IBM said in a statement.
IBM previously slashed its workforce in 2016 and 2017, as it sought to streamline its operations and improve its cloud-based business.
The IBM job page currently lists just over 7,700 openings.
In its most recent earnings report, IBM missed analyst expectations, showing a 5 percent year-over-year drop in revenue.
The layoffs come three months after IBM announced a $2 billion expansion in New York to develop artificial intelligence hardware and invest in research at SUNY institutions.
“By expanding our partnership with New York state, we are creating a global hub of AI hardware research with an ecosystem to innovate, incubate, and lead in the development of disruptive technologies,” Mukesh Khare, IBM’s vice president for semiconductor and AI hardware said at the time.
It is not yet clear what division the 1,700 laid off employees belong to. IBM did not respond to a request for comment.
Shares of IBM were up 1.1 percent early Friday afternoon, at $133.65. The stock is up more than 16 percent since January 1.
This content was originally published here.