Defense company Lockheed Martin Corp. LMT, +2.17% said Wednesday it will cut about 500 jobs in its IT services division, following a strategic review of the business. The cuts will include voluntary and involuntary layoffs, and come in response to shifting government priorities and changes in the industry. "We made these difficult decisions as part of our efforts to remain competitive in an extremely challenging environment where industry dynamics have shifted, customer budgets are constrained and competition has continued to escalate," Sondra Barbour, executive vice president of the division, said in a statement. Shares were slightly higher in premarket trade, but are up 7.5% in the year so far, while the s&P 500 has lost 4.4%
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