(NEWSnet) — Tech layoffs are raging on yet again this week.

Tech giant IBM announced Thursday ay that it would cut 3,900 jobs, which make up 1.5% of its workforce. It will cost them $300 million.

German software company SAP also announced layoffs. The tech giant cut 3,000 people from its headcount. That represents 2.5% of its workforce. The CEO explained its rationale for the move on CNBC Thursday.

On Monday, Spotify laid off 6% of its global workforce. The move sent the company’s stock surging up 4.5% on the day of the job cuts.

According to the Insider, Reddit is cutting jobs as well. The outlet could not confirm the number of employees it let go.

According to the digital publication's sources, the company let go of poor performers, as well as some others.

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