Technology consulting firm Razorfish Inc. said Monday it has cut 400 jobs, or 21 percent of its workforce. The New York-based company said the layoffs were made across its worldwide workforce, paring it from 1,900 to 1,500 people, and come as part of an effort to cut costs by $70 million this year.
Razorfish provided web solutions for Warner Music Group, Elektra Entertainment, and Maverick Records.
This is the second round of job cuts at Razorfish in recent months–In October the firm fired about 6 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: technology/telecommunications, media and entertainment, financial services, manufacturing and health care. The company is consolidating accounting, human resources, and information services. Razorfish’s stock was down nearly 8 percent Monday at $1.81 per share.