IBM denies mass layoffs

International Business Machines Corp (IBM) said on Monday that it would spend $600 million on restructuring, involving thousands of employees, refuting allegations of over 100,000 staff layoffs.

The market rumors of IBM planning to dismiss 26 percent of its total employees worldwide, or over 100,000, are ridiculous, IBM said in a statement posted on its official Sina Weibo account on Monday.

Actually, the restructure program had already been disclosed after the company issued its disappointing third quarter earnings, according to the statement.

The New York-based onetime world technology leader posted its fourth quarter financial results on Wednesday, seeing a nearly 12 percent fall in total revenue to $24.11 billion.