Amdocs Layoff: Tech Firm To Fire 5-10% Of Its Employees Globally

Amdocs Layoff: This latest round of layoffs at Amdocs follows a significant workforce reduction in 2023 when the company laid off 2,700 employees

Amdocs Layoff: Amdocs, the software giant, is gearing up for another round of layoffs, which will affect 5 per cent to 10 per cent of its 29,000-employee workforce, as reported by Calcalist. The process is anticipated to begin in Israel and globally within the coming weeks.

An Amdocs spokesperson 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,” as per the report.

"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 centre 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,” the statement said.

This latest round of layoffs at Amdocs follows a significant workforce reduction in 2023 when the company laid off 2,700 employees. Amdocs currently maintains approximately 5,000 employees in Israel, and a substantial portion of this workforce will likely be affected by the impending layoffs. Amdocs has a workforce exceeding 29,000 employees globally and boasts a market capitalisation of $9.7 billion. Earlier this year, the company also implemented layoffs affecting 100 employees as part of its restructuring efforts in human resources.

During the second quarter of 2024, Amdocs achieved record revenues of $1.25 billion, reflecting a 2 per cent increase from the same period in 2023. The company also announced a record backlog of orders of $4.23 billion for the upcoming twelve months, marking a 3 per cent rise compared to the previous year's second quarter. Amdocs has revised its fiscal year 2024 forecast, anticipating a revenue growth of 1.7 per cent to 3.7 per cent, adjusted for exchange rate fluctuations, compared to fiscal year 2023.