Thoughtworks is planning to lay off nearly 500 employees, or 4 percent of its global workforce to cut costs amid global macroeconomic conditions.
Thoughtworks has more than 12,500 employees across 18 countries.
The company first informed impacted employees about the decision earlier this week and the layoffs will continue in the coming days.
“We confirm that we have made the difficult decision to reduce our workforce by about 4 percent globally,” a Thoughtworks spokesperson said. “These changes were necessary to support the future growth of our business.”
Thoughtworks has listed its shares on Nasdaq in 2021 through an initial public offering (IPO) that raised $773 million.
Thoughtworks’ revenue grew 8.3 percent to $310.7 million during the fourth quarter.
Thoughtworks generated a net income of $16.1 million in the fourth quarter, compared with a $16.9 million loss 12 months earlier.
The company expects to generate between $303 million and $305 million in revenue in the ongoing quarter.
