Amdocs set to cut 1,500-3,000 jobs in new round of layoffs
Amdocs set to cut 1,500-3,000 jobs in new round of layoffs
The software giant is expected to lay off between 5%-10% of its global workforce
Software giant Amdocs is preparing for another wave of layoffs affecting 5%-10% of its 29,000 employees, Calcalist has learned. Hearings are expected to commence in Israel and around the world over the next few weeks.
This marks yet another wave of layoffs at the company, which in 2023 alone parted ways with 2,700 employees. Currently, the company employs about 5,000 workers in Israel, and a significant portion of this workforce is expected to be affected by the upcoming layoffs. Globally, Amdocs employs over 29,000 people and trades with a market value of $9.7 billion. Earlier this year, the company laid off 100 employees as part of cutbacks in HR positions.
In the second quarter of 2024, Amdocs reported record revenues of $1.25 billion, marking a 2% increase compared to the same period in 2023. The company also disclosed a record backlog of orders amounting to $4.23 billion for the next twelve months, up approximately 3% from the second quarter of the previous year. Amdocs has updated its fiscal year 2024 forecast, expecting a 1.7-3.7% rise in revenues adjusted for exchange rate fluctuations compared to fiscal year 2023.
Amdocs stated, "As a global leader in its domain, Amdocs constantly monitors the opportunities and challenges in the surrounding business environment, adjusting to them while investing in innovation and leveraging the latest technologies.
"Accordingly, the company continuously evaluates the most suitable measures to preserve its leadership position and business strength, thereby ensuring Amdocs maintains its competitive edge as it responds to changing market needs.
"Israel continues to be a leading global development and innovation center for Amdocs. We recently reopened our campus in Sderot that was closed because of the war and we are continuing our work with others to help rebuild the communities in Sderot and the surrounding area."
