IBM continues layoffs that could top 14,000 job cuts

ARMONK, N.Y., May 21 (UPI) -- Software giant IBM is initiating another round of job cuts the company announced in April, according to multiple media reports.

The number of positions cut could top 14,000, Stanford Bernstein analyst Toni Sacconaghi told The Wall Street Journal.

The cuts come as the company recorded its 16th consecutive quarterly loss. Big Blue has struggled with its core software business in the face of increasing cloud computing, analysts said.

A company executive told WRAL TechWire IBM is "aggressively transforming" to offer more cloud-based computing and could rehire just as many employees to assist in that effort as are being let go presently.

Some of the eliminated positions are being moved overseas, employees told the Journal.

"IBM is aggressively transforming its business to lead in a new era of cognitive and cloud computing," an IBM executive told TechWire. "To this end, IBM currently has more than 25,000 open positions, many in these key skills areas. If we meet our hiring targets, we expect our employee numbers to be roughly the same at year-end as they were in 2015."