Amdocs Layoffs To Impact 5%-10% Of Its Workforce

Amdocs, the software giant, is preparing for another round of layoffs that will affect 5%-10% of its 29,000 employees, Calcalist has learned. Hearings are expected to commence in Israel and globally over the next few weeks.

This marks another wave of layoffs at the company, which parted ways with 2,700 employees in 2023. Currently, Amdocs employs about 5,000 workers in Israel, and a significant portion of this workforce is expected to be impacted 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, "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," as per media reports.