IBM to close China R&D department, affecting over 1,000 jobs, Yicai reports
By ReutersAugust 26, 20243:42 PM GMT+8Updated 39 min ago
Figurines with computers and smartphones are seen in front of IBM logo in this illustration taken, February 19, 2024. REUTERS/Dado Ruvic/Illustration/File Photo Purchase Licensing Rights, opens new tab
BEIJING, Aug 26 (Reuters) - IBM (IBM.N), opens new tab will completely shutter its China R&D, with resulting layoffs affecting over 1,000 jobs, Chinese media outlet Yicai reported on Monday, citing a statement from the company.
IBM, the world's biggest technology services company, did not immediately respond to a request for comment.
The decision comes amid the company's struggles with falling demand for its hardware and challenges in growth markets like China.