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The paper investigates the relationship between organizational ambidexterity and firm performance in knowledge-intensive firms. In particular, using a quantitative methodology involving a structural equation model, the research investigates whether external knowledge sourcing enhances the impact of ambidexterity on firm performance. The results show that organizational ambidexterity in knowledge-intensive firms does not, in fact, have a significant impact on firm performance, but it does have a positive and significant mediating effect considering external knowledge sourcing. The findings are presented along with interesting and significant implications for both theory and practice, largely stemming from the still much neglected relationship between organizational ambidexterity and external knowledge sourcing in the open innovation context.