Innodata (INOD) shares fell 26.4% as of 12:26 p.m. ET after reports of job cuts in India and the Philippines hit the news wires. According to termination emails reviewed by regional news outlets, the company reportedly laid off nearly 550 employees in India on Monday, plus an undisclosed number in the Philippines, which the article puts at more than 5% of its workforce. The company cited a “ramp-down of the business assignment” rather than individual performance, and the article suggests a major client unexpectedly pulled out of a large project, raising concerns about lower future revenue. Even after the steep drop, the stock still trades at 27 times forward earnings estimates, and Innodata is scheduled to report third-quarter earnings on Nov. 5, when the earnings call is expected to clarify the financial impact and whether other contracts are at risk.
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