International Business Machines  (IBM - Get Report) confirmed reports it was planning layoffs that could affect as many as 1,700 workers.

The layoffs were originally mentioned on the online message board TheLayoff and were later confirmed by CNBC. The layoffs could affect about one half of one percent of IBM's more than 340,000 employees. 

"We are continuing to reposition our team to align with our focus on the high-value segments of the IT market, and we also continue to hire aggressively in critical new areas that deliver value for our clients and IBM," the company said in a statement to CNBC. 

The company reported a 5% decline in first-quarter revenue during its latest earnings release.

The stock rose 1.35% to $134.01. It has risen about 18% year to date.