After several tech giants announced cutting their workforces, Sophos, the IT security firm is also gearing up to lay off 10 per cent of its total workforce, confirmed TechCrunch. 

“Sophos announced an internal restructuring which has resulted in job losses and the start of consultation periods that potentially will affect 10% of our global employee base,” said Jitendra Bulani, a spokesperson for Sophos. 

The step is taken to ensure the company achieves “the optimal balance of growth and profitability,” amid the ongoing economic slowdown. 

“Sophos is taking these steps for two main reasons: first, to ensure that we achieve the optimal balance of growth and profitability to support Sophos’ long-term success, which is particularly important in the midst of a challenging and uncertain macro environment; and second, to allocate our investments across the company to support our strategic imperative to be a market leader in delivering cybersecurity as a service.”

While the It security firm has not shared how many employees will be impacted, TechCrunch’s report claimed that about 450 people were fired. The layoff saga began at Sophos on Tuesday, where employees were asked to submit their resignations. 

Sophos told TechCrunch that the layoffs may affect all job roles, but declined to provide further details. The firing may have a significant impact on the market as more than half a million organisations worldwide use Sophos’ technologies. 

This includes endpoint detection and network, email and cloud security, which generate more than $1 billion in revenue, the firm said. 

Other than Sophos, other major companies that have kicked out their employees in 2023 are Twitter, Credit Suisse, ShareChat, Dunzo, Vodafone, BlackRock, Coinbase, Amazon, Salesforce, Morgan Stanley, McDonald's, Goldman Sachs, and others.