Software Consultancy Firm Thoughtworks Cuts About 500 Jobs

Software Consultancy Firm Thoughtworks Cuts About 500 Jobs
A person holds a smartphone with the logo of U.S. software company ThoughtWorks Inc. on screen in front of its website. (T. Schneider/Shutterstock)
Reuters
3/2/2023
Updated:
3/2/2023

Software consultancy firm Thoughtworks Inc. said on Wednesday it laid off 4 percent of its global workforce, or roughly 500 employees, joining a host of U.S. companies looking to cut costs amid a sobering economic outlook.

Tech firms have laid off thousands of workers recently as they brace for a period of lower demand, high interest rates, and macroeconomic instability.

“These changes were necessary to support the future growth of our business,” a spokesperson for the company said.

Chicago, Illinois-based Thoughtworks, which helps firms digitize their operations, has more than 12,500 employees working across 18 countries.

In its latest earnings report on Tuesday, Thoughtworks forecast first-quarter revenue decline of 5 percent to 5.5 percent. Analysts are expecting it to decrease by 2.3 percent, according to Refinitiv data.