Update: Downplaying reports about the size of its impending layoffs, IBM says it will let go of only “several thousand people,” not the much-larger number reported by Forbes. We’ve updated this story and its headline to reflect IBM’s statements.
Things aren’t going well for IBM. Six months into its partnership with Apple, Big Blue is reportedly preparing for the largest corporate layoff in history.
After nearly three years of quarterly revenue decline, IBM is preparing to ax a staggering 111,800 employees, according to Forbes. Saying it does not respond to “ridiculous” rumors, IBM says the layoffs will be much smaller than that. How the layoffs will affect the company’s business with Apple remains unclear.