Software company Thoughtworks laid off around 500 employees

San Francisco: Software consultancy company ThoughtWorks has announced plans to lay off around 500 employees, or 4 percent of its global workforce, to cut costs amid tough global economic conditions. Nasdaq-listed ThoughtWorks has more than 12,500 employees in 18 countries. The company also has a strong presence in India. According to TechCrunch, the company first informed affected employees about the decision earlier this week and the layoffs will continue in the coming days. “We can confirm that we have made the difficult decision to cut approximately 4 percent of our workforce globally,” a ThoughtWorks spokesperson was quoted as saying in the report. “These changes were necessary to support the future growth of our business.”

It listed on the Nasdaq in 2021 through an initial public offering (IPO), which raised $773 million. ThoughtWorks’ revenue increased 8.3 percent year-over-year to $310.7 million during the fourth quarter. “We are pleased with our performance in the fourth quarter and our customers look to us to help them navigate these uncertain times and address their biggest technology challenges,” said CEO Guo Xiao. It reported net income of $16.1 million in 2015, compared to a loss of $16.9 million 12 months earlier. The company expects revenue of $303 million and $305 million in the current quarter. ThoughtWorks joins a growing list of tech companies that have laid off thousands of employees in recent months amid fears of a recession.