Innodata shares fell more than 25% after the company laid off about 550 employees in India and additional workers in the Philippines. Layoff emails cited the wind-down of a client assignment, fueling fears that the company had lost a major contract. The stock lost $500 million in market capitalization in a single trading session, erasing all gains recorded since November 11, 2024. Two customers generated about 70% of second-quarter 2026 revenue, including the largest at 37%, while trading volume reached seven times the average. Despite the decline, Innodata remained valued at more than $1.5 billion and had recorded 12 consecutive quarters of year-over-year revenue growth.
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