IMB has denied reports suggesting that the company will lay off over 100,000 staff members.
The tech firm has called the speculation ‘ridiculous’ after an article was published in Forbes last week.
Rumours suggested that IBM would lay off 26 per cent of its work force after reporting its 11th quarterly decline in revenues last week.
According to The Independent, Ian Colley, a spokesperson for IBM, told the Associated Press in a phone interview that the company ‘flatly denies’ the report.
"This rumor is ridiculous, and off by a factor of more than 10," IBM's director of corporate communications Doug Shelton told WRAL Techwire, meaning around 10,000 jobs could be cut.
IBM’s earning report also revealed that the company’s profit fell in the December quarter.
This is not the first time IBM has been accused of axing jobs. Last year, Alliance@IBM reported that the company would spend $1 billion on cutting 15,000 jobs.
The figure is in line with other tech companies, including Microsoft who planned to cut 18,000 jobs globally last year.