Thoughtworks has recently joined the long list of software companies that have been laying off staff as a result of the global economic downturn.
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 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.”
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 revealed earlier this week that their quarterly revenue increased by 8.3% year over year to reach 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 than the previous year altogether.
Thoughtworks’ share price on Wednesday was $7.34, and the company had a $2.29 billion market worth.