IBM Closes China R&D Operation, Cuts 1,000 Jobs | Business Matters (August 26)
IBM has announced plans to completely close its research and development operation in China. The US tech company has faced challenges growing in the Chinese market, and has seen a dip in demand for its hardware. According to reports, IBM’s market share in China has fallen in recent years, due to a push to support more domestic brands. IBM reported its revenue dropped nearly 20-percent last year. Also in the report, an IBM executive told employees R&D functions will move to other overseas facilities. In a statement, a spokesperson said these changes would not impact its ability to support clients in the greater China region.