Palantir Will Cut About 2% Of Workforce

On Monday, Palantir said that it would be laying off around 2% of its workers as the tech sector continues to be severely hit by layoffs.

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In an email statement, the firm stated, "We feel our company is at an inflection moment and to continue to evolve, we are making the difficult choice of decreasing teams in numerous areas." Although fewer than 2% of our personnel will be affected by the changes, they are the best choices for the future of the business.

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The layoffs will effect around 75 people based on the company's latest SEC report in December, which stated it had 3,838 employees. According to a spokeswoman, the business intends to keep employing in crucial key sectors.

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The price of Palantir's shares remained stable on Monday and has increased by 27% so far this year.

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The software company just announced its first profitable quarter for the fourth quarter, and CEO Alex Karp stated Palantir anticipates making a profit for the current fiscal year. This personnel reduction follows both announcements. Palantir reported an 18% increase in fourth-quarter revenue to $509 million, and the company is well known for working with government military organizations.

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Palantir is the most recent IT firm to announce layoffs as the sector prepares for a pullback after more than a decade of unrestrained development. Significant staff reductions were revealed by Twilio, Dell, Zoom, and eBay this month. In January, Google announced intentions to fire more than 12,000 people, Microsoft said it would lay off 10,000 staff, and Salesforce indicated it would eliminate 7,000 positions.