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Tech stocks: IBM dives off potential job cuts

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Tech stocks: IBM dives off potential job cuts

Shares of IBM slipped 4% in pre-market trading Wednesday after reporting weak fourth-quarter results and cut additional jobs

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IBM headquarters in Armonk, N.Y., 50 miles outside of New York City.(Photo: Stan Honda, AFP/Getty Images)

Shares of IBM slipped 3% in morning trading Wednesday after reporting weak fourth-quarter results[1] and plans to cut additional jobs.

The company says it will take a $1 billion "workforce rebalancing" charge this year, and one analyst estimated the company could cut between 10,000 and 15,000 workers.

For the fourth quarter, IBM reported a 26% decrease in revenue from hardware, and a dip in service revenue.

Meanwhile, both eBay and Netflix will report earnings after the markets close Wednesday.

Follow Brett Molina on Twitter: @bam923[2].

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