Big Blue is joining the list of tech companies laying off employees, announcing it would cut 3,900 jobs.

Virtually all of IBM’s larger rivals in the tech space have engaged in layoffs, numbering in the tens of thousands in 2023 alone. According to Reuters, IBM is now adding to that number, with plans to lay off 3,900 employees.

The news comes following the company’s quarterly report in which it fell short of its annual cash target.

CFO James Kavanaugh told the outlet IBM was still “committed to hiring for client-facing research and development.”

Despite the news, CEO Arvind Krishna put a positive spin on the company’s overall results.

“Our solid fourth-quarter performance capped a year in which we grew revenue above our mid-single digit model. Clients in all geographies increasingly embraced our hybrid cloud and AI solutions as technology remains a differentiating force in today’s business environment,” said Krishna. “Looking ahead to 2023, we expect full-year revenue growth consistent with our mid-single digit model.”