Amdocs is embarking on another round of layoffs. It is estimated that the software company will cut around 2,000 jobs, accounting for approximately 6.5% of the company's workforce. In Israel, the reduction rate will be slightly lower, with Amdocs bidding farewell to 200 employees out of the 5,000 employed in the country. This constitutes a reduction of approximately 5%.
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This latest round is more substantial than the one Amdocs implemented earlier this year, which resulted in the layoff of about 700 employees, representing 3% of the total workforce.
"Amdocs, like other leading global companies, continually assesses the global macroeconomic conditions and takes appropriate measures to ensure sustained growth. As part of this, we periodically initiate efficiency processes while maintaining investments in areas of growth, in line with our strategic plan," Amdocs wrote in a statement.
Amdocs, with approximately 31,000 employees, hasn’t been affected by the economic downturn as much as many other high-tech companies. The company has presented positive financial reports in recent quarters and has even increased dividends for shareholders. Amdocs shares have also demonstrated a positive return since the beginning of the year, with the company currently having a market cap of nearly $12 billion.
First published: 22:32, 07.06.23