Software program agency Thoughtworks lays off almost 500 workers

San Francisco, Mar 2 (IANS): Software program consultancy firm Thoughtworks has introduced to put off almost 500 workers, or 4 per cent of its world workforce to chop prices amid world macroeconomic circumstances.

Nasdaq-listed Thoughtworks has greater than 12,500 workers throughout 18 nations. The corporate additionally has a powerful presence in India.

In keeping with TechCrunch, the corporate first knowledgeable impacted workers concerning the determination earlier this week and the layoffs will proceed within the coming days.

“We verify that we have now made the troublesome determination to cut back our workforce by about 4 per cent globally,” a Thoughtworks spokesperson was quoted as saying within the report.

“These modifications had been essential to help the long run progress of our enterprise,” the corporate spokesperson added.

It obtained listed on Nasdaq in 2021 by an preliminary public providing (IPO) that raised $773 million.

Thoughtworks’ income grew 8.3 per cent year-over-year to $310.7 million in the course of the fourth quarter (This fall).

“We’re happy with our efficiency within the fourth quarter and our purchasers proceed to look to us to assist them navigate these unsure occasions and sort out their largest know-how challenges,” stated CEO Guo Xiao.

Thoughtworks generated a internet revenue of $16.1 million within the fourth quarter, in contrast with a $16.9 million loss 12 months earlier.

The corporate expects to generate between $303 million and $305 million in income within the ongoing quarter.

Thoughtworks joins a rising record of tech firms which have laid off 1000’s of workers in current months amid recession fears.

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