The IT company Hooloovoo, which has been operating in Serbia since 2011, is laying off nine people and reducing everyone's salary by five percent.
A wave of dismissals and closures of IT companies in Serbia this year, it affected more than 800 people, and the reasons most often cited are high wages, the influence of artificial intelligence, and a lack of competitiveness. As many as 2.500 applications arrive for one job ad in the IT industry.
Director and largest co-owner of an IT company Hooloovoo Predrag Spasojević said that it was one of the most difficult decisions, but yes the market changes and that the company must adapt.
"With all existing clients, the scope of cooperation remains the same. The problem is not in the trust of clients or in the scope of cooperation. The problem is in the economy of the market: the prices of IT services are not the same as three years ago, and we have to adapt to that," Spasojević told Biznis.rs.
He explained that in the previous three years, the company went in the direction of working with existing clients, while the other direction was investing in artificial intelligence.
"Three years ago, there were about 150 of us, and all this time we were around that number. We are aware that IT, and especially the outsourcing industry, is changing a lot. Our goal was to achieve a long-term, stable relationship with existing clients, and we succeeded in that," said Stojaković.
Data on the operations of the Hooloovoo credit rating company CompanyWall show that total revenues in 2024 were reduced by a quarter compared to the previous year and amounted to around 1,217 billion dinars, while total expenses remained high at 1,185 billion dinars, so the net profit was reduced by as much as 90 percent, to slightly less than 30 million dinars.
A year earlier, the net profit was a high of 270 million dinars.
In 2024, the company faced a drop in revenue from the sale of products and services on the foreign market of almost 30 percent, while labor costs were reduced by about 10 percent, probably as a result of a reduction in the number of employees by 20 - from 164 to 144.
EBITDA decreased almost ten times in one year, sales receivables increased, while short-term liabilities decreased.
The average gross salary per employee exceeded 600.000 dinars.
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