Despite continuing to grow around the world, TaskUS is looking to cut another 500 staff across the U.S.
The New Braunfels-based company that offers customer service, content protection, and artificial intelligence services reported a profit on Monday, August 8, as revenue increased by over 37 percent.
CEO and co-founder Bryce Maddock said: “While we delivered strong results, we are seeing the impact of our clients shifting their focus from growth to cost optimization.”
Last year, the company reported a deficit of $106 million, but net income for the three months ending June 30 increased significantly to $7.7 million.
$180 million in revenue, rose to $246.5 million.
The company has 45,300 worldwide workers working in 26 sites across 13 countries at the end of the quarter.
That was down 500 from the end of the first quarter when Maddock said it was planning layoffs in the U.S.
He said the reduction “was driven by our clients’ focus on cost reduction by reducing team sizes, primarily in our U.S. operations and among our crypto clients.”
The company also eliminated some “corporate roles.”
TaskUs claims to have over 4,000 workers in the United States, with the majority based in New Braunfels, San Antonio, and Harlingen in the Rio Grande Valley.
It has declined to specify the number of employees in each location.
It was unclear how many Texas employees have been laid off.
Earlier this year, Maddock said cuts were coming because clients were seeking lower costs amid what he called a “volatile” environment.
“In the search for immediate savings, some of our clients have cut vendor spend,” he said Monday.
“Since our last call, this trend has accelerated particularly among our clients in cryptocurrency and equity trading spaces.”
The company’s clients include Netflix, Zoom, Uber and Facebook parent Meta.
Maddock said TaskUs has been shifting work for Meta “from higher-revenue, on-shore locations to lower-revenue, off-shore locations” and adding employees.
“We’ve seen very strong volume growth with this client,” he said. “We’re adding over 1,000 additional roles for them in the back half of this year.”
TaskUs’ international operations generate most of its revenue.
Its workers in the Philippines led the way in 2021, accounting for 53 percent of its revenue, compared with 32 percent of the total from the U.S.
What is TaskUs?
TaskUs are a different breed of BPO they help their clients deploy technology and data to serve them, from Digital CX to Content Security, Data & AI Operations, Consulting, and anything in between.
Where it is headquartered? The company is headquartered in San Antonio, TX
How many staff does it have? Savana has 17,441 employees.
What is its annual revenue? The annual revenue is $478 million.
Source: San Antonio Express News