IBM cuts 3,900 jobs, misses annual cash target

FILE PHOTO: A man stands near an IBM logo at the Mobile World Congress in Barcelona, Spain, February 25, 2019. REUTERS/Sergio Perez//File Photo

(Reuters) - IBM Corp on Wednesday announced 3,900 layoffs as part of some asset divestments and missed its annual cash target, dampening cheer around beating revenue expectations in the fourth quarter.

Chief Financial Officer James Kavanaugh told Reuters that the company was still "committed to hiring for client-facing research and development".