Thoughtworks is the latest technology company to join the ongoing trend of layoffs as the global economy slows.
When reached for comment on Wednesday, the software consultancy firm stated that it had laid off about 4% of its global workforce, or approximately 500 employees. According to TechCrunch, the company informed affected employees about the decision on Tuesday, and the layoffs will continue in the coming days.
Thoughtworks employs more than 12,500 people in 18 countries spread across five continents, including the United States, Latin America, Europe, Asia, and Australia. The company also has a strong presence in India, though a spokesperson confirmed to TechCrunch that no layoffs were planned in the country.
Thoughtworks reported an 8.3% year-over-year increase in quarterly revenue compared to the same period last year, totaling more than $310 million earlier this week. This revenue growth also contributed to the company’s net income of $16.1 million in the fourth quarter, up from a loss of nearly $17 million the previous year.
The Chicago-based company also predicted revenue in the current quarter of between $303 million and $305 million, with a year-over-year increase in revenue of between 0.5% and 2.5%.
Thoughtworks was trading at $7.34 per share on Wednesday, with a market cap of $2.29 billion.
