Innodata (NASDAQ:INOD) is having a terrible, horrible, no good, very bad Tuesday. The data engineering and AI services stock plummeted 26.4% as of 12:26 p.m ET after reports of international layoffs hit the news wires, sending investors rushing for the exits. On Monday, Innodata reportedly laid off nearly 550 employees in India, alongside an undisclosed number of job cuts in the Philippines. That's more than 5% of the company's workforce. The terminations were executed quickly, with employees losing access to internal systems, laptops, and human resources portals mid-shift. Their dismissals were delivered to personal email addresses because they no longer had access to Innodata's systems. According to termination emails reviewed by regional news outlets, the company cited a "ramp-down of the business assignment" as the primary driver for the cuts, rather than individual performance. In other words, a major client unexpectedly pulled the plug on a massive project, and Innodata immediately slashed the overhead costs associated with that work.
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