Peter Thiel’s Palantir is cutting about 2% of its workforce

Analyst firm Palantir Technologies said Monday it has cut about 2% of its workforce, joining a slew of companies that have laid off thousands of workers amid the economic downturn.

“In order to continue to grow, we are making difficult choices by cutting teams in several areas,” the company said.

“Although these changes will affect less than 2% of our workforce, they are incredibly painful decisions, but the right ones for the future of the company.”

Known for its work with the Central Intelligence Agency, Palantir had 3,838 full-time employees as of December 31, 2022. Palantir, chaired by Silicon Valley billionaire Peter Thiel, has had fewer and fewer contracts with the US government since Joe Biden. became president.

The staff cuts were first reported by Bloomberg News.

The company’s chief financial officer, David Glaser, told Reuters earlier this month that Palantir had cut stock-based employee compensation and cut cloud computing spending in recent months in response to lower spending by recession-fearing businesses.

Palantir also said earlier this month that it expects 2023 to be the company’s first profitable year as it benefits from cost cuts and an AI boom.