Thoughtworks has emerged as the most recent tech firm to hitch the continued pattern of shedding workers amid the worldwide financial slowdown.

The software program consultancy agency laid off about 4 p.c of its world workforce — roughly 500 workers — a determine that the corporate didn’t dispute when reached for touch upon Wednesday. TechCrunch discovered that the corporate initially knowledgeable its affected workers concerning the determination on Tuesday, and the layoffs will proceed within the coming days.

“We verify that we’ve got made the troublesome determination to cut back our workforce by about 4 p.c globally,” Thoughtworks world public relations head Linda Horiuchi mentioned in an announcement emailed to TechCrunch. “We didn’t make this determination flippantly and remorse that we needed to say goodbye to some gifted and passionate Thoughtworkers. These modifications had been essential to assist the longer term progress of our enterprise.”

Thoughtworks has over 12,500 workers throughout 18 nations on 5 continents, together with the USA, Latin America, Europe, Asia and Australia. The corporate additionally has a powerful presence in India, although the spokesperson confirmed to TechCrunch that the transfer didn’t embody any layoffs within the nation.

Earlier this week, Thoughtworks reported an 8.3% year-over-year surge in quarterly income in comparison with the identical interval final yr, totaling greater than $310 million. This income progress additionally contributed to the corporate’s web earnings of $16.1 million within the fourth quarter, an enchancment from its lack of nearly $17 million in the identical quarter a yr in the past.

The Chicago-headquartered firm additionally forecast to generate income between $303 million and $305 million within the present quarter and anticipated a year-over-year progress in income of between 0.5% and a couple of.5% for the general yr.

On Wednesday, Thoughtworks was buying and selling at $7.34 per share with a market cap of $2.29 billion.

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