San Francisco-based Software conglomerate Pegasystems is laying off 4% of its over 6,000-strong workforce, as recession fears loom in 2023.

In a filing with the US Securities and Exchange Commission (SEC), the company said it is likely to incur a charge of USD 18.9 million in the 4th quarter of 2022 related to cash severance and benefit costs for terminated employees.

According to the Company filing, the layoffs "are a part of the company's effort to strengthen its go-to-market operational strategy."

The company is reportedly doing a thorough evaluation to enhance its "go-to-market operational model," as per Boston Business Journal.

As perearlier reports, Pegasystems stockholders have experienced significant losses as a result of the stock's 69% decline. For investors, the three-year returns have likewise been depressing.

The software provider joins Salesforce and Amazon in announcing significant job losses for the coming year. 

Salesforce has asked about 7,000 staff to go while Amazon has indicated it will let go of about 18,000 workers.

In a statement, Amazon CEO Andy Jassy indicated that the company has not finished its yearly planning process and that "I thought there will be more role reductions in early 2023."

According to the layoff tracking website, technology entities have sacked more than 28,000 employees in just five days into the New Year. In 2022, a whooping number of 2,43,468 workers were laid off by 1,168 companies.

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