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500 employees are laid off by ThoughtWorks due to the continuous slowdown

Thoughtworks has recently joined the long list of software companies that have been laying off staff as a result of the global economic downturn.
When contacted for comment on Wednesday, the software consulting firm confirmed that 500 employees, or around 4% of its whole global staff, had been laid off. According to information provided to TechCrunch, the affected employees were first informed of the decision on Tuesday, and layoffs will continue for the foreseeable future.
Linda Horiuchi, head of global public relations at Thoughtworks, said in a statement sent via email to TechCrunch, “We confirm that we have made the tough decision to downsize our personnel by about 4% globally.” We regret having to say goodbye to some talented and enthusiastic thoughtworkers; this was not a decision we took lightly. These adjustments were required to support our company’s continued expansion.
Around 12,500 people work for Thoughtworks in 18 locations across five continents, including the US, Latin America, Europe, Asia, and Australia. The company has a significant presence in India as well, but the representative told TechCrunch that no layoffs were involved in the transfer there.
Thoughtworks said earlier this week that their quarterly sales grew by 8.3% from the same time last year to more than $310 million.The company’s fourth-quarter net profits of $16.1 million, up from the approximately $17 million loss it experienced in the same quarter a year earlier, were also a result of this revenue rise.
The corporation, which has its headquarters in Chicago, is also expected to generate between $303 million and $305 million in revenue during the current quarter and between 0.5% and 2.5% more in revenue overall than the previous year.
Thoughtworks’ share price on Wednesday was $7.34, and the company had a $2.29 billion market value.

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