U.K.-based digital services provider Hku Business Administration is taking a hit from the recession, as it has lost market share to its rival Hku Cloud.
The company is expected to report financial results on Wednesday.
In a note Thursday, the company said it expects “market share to decline from current levels” to its current level.
Hku has a larger footprint than its U.Y.C.-based competitor.
The company has been investing heavily in new and growing businesses and technology in recent years.
It employs nearly 2,000 people in New York City and New Jersey.
In a statement, Hku CEO Mike Biederman said the downturn in the U.A.E. has caused the company to focus on the U,U.S., and Canada markets, adding that Hku would “continue to focus our focus on those markets.”
He said Hku was planning to add 500 jobs to its existing staff and expects to add another 500 by the end of the year.
The U.U.K. business administration business office said it had lost market shares to other firms in the sector, including the UU.
I.C.I., the UMG.
The U.P.C., the parent of Hku, has also lost market value in the last year.
The office of the British Business Council said its UU-based business administration division had lost 6,400 jobs since 2013.
Business management, finance and accounting have also suffered from the economic downturn.
Hku said it expected “significant” job losses as a result of the recession.