Thiel’s Palantir Cuts Almost 2% of Staff to Reduce Costs
(Bloomberg) -- Palantir Technologies Inc., the data analysis firm co-founded by Peter Thiel, cut more than 70 jobs on Friday, or about 2% of staff, as it looks to reduce costs.
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“Our company is at an inflection point, and to continue to evolve we are making the tough choice of reducing teams in several areas,” spokeswoman Lisa Gordon said in a statement to Bloomberg. “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 reduction in headcount comes after Chief Executive Officer Alex Karp said at the World Economic Forum in January that the company planned to increase headcount this year even as it scrutinized expenses. Last August, Palantir said it was significantly expanding its hiring in 2022 to help meet ambitious sales goals, setting itself apart from other tech companies that were taking steps to cool recruiting.
Palantir reported it employed 3,838 people at the end of 2022. The Denver-based company became profitable for the first time in the fourth quarter and said it expects 2023 to be its first-ever profitable year.
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