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Friday, June 9, 2023

Thoughtworks Lays Off Around 500 Employees Amid Ongoing Slowdown

Thoughtworks Lays Off Around 500 Employees Amid Ongoing Slowdown – Thoughtworks is the latest technology company to join the growing trend of layoffs as the global economy slows. When asked for comment on Wednesday, the software consultant firm stated that it has cut off nearly 4% of its global staff, or approximately 500 individuals. 

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According to a news outlet, the company told affected employees about the decision on Tuesday, and the layoffs will continue in the next few days. “We confirm that we have made the difficult decision to reduce our workforce by about four percent globally,” Thoughtworks global public relations head Linda Horiuchi said in a statement.

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“We did not make this decision lightly and regret that we had to say goodbye to some talented and passionate Thoughtworkers. These changes were necessary to support the future growth of our business.” 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 substantial presence in India, though a representative confirmed that no layoffs were planned in the country. Thoughtworks announced an 8.3% year-over-year increase in quarterly sales compared to the same period last year, totaling more than $310 million earlier this week. This revenue rise also contributed to the company’s net profitability of $16.1 million in the fourth quarter, up from a loss of nearly $17 million the previous year.

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The Chicago-based corporation also predicted revenue in the current quarter somewhere 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 valuation of $2.29 billion.


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