NEW YORK (AP) _ Technology consulting firm Razorfish Inc. said Monday it has cut 400 jobs, or 21 percent of its work force.
The New York-based company said the layoffs were made across its worldwide work force, paring it from 1,900 to 1,500 people, and come as part of an effort to cut costs by $70 million this year.
This is the second round of job cuts at Razorfish in recent months. In October the firm fired about six percent of its workers after a companywide performance review. The company said its newest round of cuts narrows its focus to serving five industry groups: financial services, technology/telecommunications, media and entertainment, manufacturing and health care.
The company is consolidating accounting, human resources, and information services operations and has begun restricting expenses for travel, recruiting, marketing and facilities operations.
Razorfish’s stock was down nearly 8 percent Monday at $1.81 per share in trading on Nasdaq Stock Market. Its 52-week high was above $56 per share.