Palantir to cut less than 2% of staff as tech layoffs continue
By Emily Bary
CEO Alex Karp said in January that the company planned to add several hundred workers this year
Palantir Technologies Inc. plans to cut less than 2% of its workforce in the latest round of technology layoffs.
"We believe our company is at an inflection point and to continue to evolve, we are making the tough choice of reducing teams in several areas," a Palantir (PLTR) spokesperson told MarketWatch. "While less than 2% of our workforce is impacted by these changes, these are incredibly painful decisions but the right ones for the company's future."
The company had 3,838 employees as of Dec. 31, according to its most recent 10-K filing with the Securities and Exchange Commission.
Palantir's layoffs come just over a month after Chief Executive Alex Karp said at Davos that the company planned to add a couple hundred employees to its staff during 2023.
Palantir's spokesperson said the company would continue to hire "strategically."
"As we look ahead to 2023, we will continue to exercise spend discipline across the company [and] pace hiring while continuing to invest in high priority areas, including in our product offerings, building out our go-to-market strategy and technical roles," Chief Financial Officer David Glazer said on Palantir's most recent call, on Feb. 14, according to a transcript provided by AlphaSense/Sentieo.
The company just posted its first-ever profitable quarter on a GAAP basis.
Palantir joins companies across the tech sector and beyond in trimming its head count. More than 119,000 employees have been laid off from tech companies so far this year, according to Layoffs.fyi, a site that tracks announcements in the tech sector.
Read:Twilio joins growing list of tech companies announcing layoffs
Other companies in the software industry that have made cutbacks include Salesforce Inc. (CRM), DocuSign Inc. (DOCU) and Okta Inc. (OKTA).
(END) Dow Jones Newswires
02-27-23 1424ETCopyright (c) 2023 Dow Jones & Company, Inc.