The move comes as energy prices declined, driving revenue down for Weatherford’s first quarter. Net revenue for the quarter was $2.79 billion, lower than the Thomson Reuters estimate of $3 billion.
The layoffs will save Weatherford about $640 million a year. Two company facilities were closed in the first quarter and an additional four are expected to be closed in the second quarter.
Weatherford posted a loss of 15 cents a share for the quarter, compared with 5 cents a share loss for the year-ago period.
WFT stock is up 6.2% Thursday.