Palantir to cut about 2% of employees, roughly 75 jobs

Palantir confirmed connected Monday that it's cutting astir 2% of its workforce arsenic layoffs proceed to hammer the tech industry.

"We judge our institution is astatine an inflection constituent and to proceed to evolve, we are making the pugnacious prime of reducing teams successful respective areas," the institution said successful an emailed statement. "While little than 2% of our workforce is impacted by these changes, these are incredibly painful decisions but the close ones for the company's future."

The layoffs volition impact astir 75 radical based connected the company's latest Securities and Exchange Commission report successful December, which showed it had 3,838 employees. A spokesperson told CNBC the institution plans to proceed hiring successful areas of strategical importance.

Shares of Palantir were small changed connected Monday and are up 27% truthful acold this year.

The layoffs travel aft the bundle institution reported its first profitable period earlier this period for the 4th quarter, and CEO Alex Karp said it expects to make a nett for the existent fiscal year. Palantir, which is known for its enactment with authorities defence agencies, reported an 18% summation successful fourth-quarter gross to $509 million.

Palantir is the latest tech institution to denote layoffs arsenic the manufacture reckons with a slowdown pursuing implicit a decennary of unbridled growth. Twilio, Dell, Zoom and eBay disclosed significant cuts to their workforce this month. In January, Google revealed plans to laic disconnected much than 12,000 workers, Microsoft announced plans to cut 10,000 employees and Salesforce said it planned to cut 7,000 jobs.

WATCH: Palantir CEO Alex Karp discusses the economical and geopolitical outlook from Davos