Internet consulting company Sapient laid off approximately 390 people, or roughly 14 percent of its work force. The Cambridge, Mass.-based company also said it would miss second-quarter estimates. Sapient now expects revenue of approximately $87 million and a loss of 7 cents a share. Analysts polled by First Call had anticipated that Sapient would post $95.7 million in revenue and lose 6 cents.
Like its competitors, Sapient has struggled to survive the economic downturn and the slowdown in technology consulting services. The company intends to consolidate some offices in North America and expects to take a charge of about $50 million. Additionally, Sapient plans to increase operations in India and to transfer some 60 consultants to its New Delhi office. Sapient is aiming to see cost savings of about $13 million in the third quarter and $60 million annually.