IBM dispelled rumors on Monday mentioning that the technology company is preparing for a mass layoff affecting 26 percent of its workforce.
The Forbes report claiming the company was gearing up for labor cuts was discussed in an e-mail, Reuters reports.
"IBM does not comment on rumors, even ridiculous or baseless ones," the company said in the email, according to the site.
"If anyone had checked information readily available from our public earnings statements, or had simply asked us, they would know that IBM has already announced the company has just taken a $600 million charge for workforce rebalancing. This equates to several thousand people, a small fraction of what's been reported."
Although IBM is planning on cutting its workforce, the degree to which it will reduce its staff has been exaggerated, according to the e-mail statement. The company made pubic its plans to reduce its workforce in its recent earnings report, but suggests it will only affect "several thousand" employees.
Forbes had originally claimed as many as 112,000 workers would face layoffs. IBM is expected to cut about 8,000 people from its workforce this year, Reuters also reports.
IBM was founded in 1911 and is based in Armonk, New York.
