Surprising move: Amdocs Announces Further Layoffs - nearly 100 employees Despite Record Revenues

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by Ifi Reporter Category:Hitech Feb 28, 2024

In a surprising move, Amdocs, one of Israel's leading hi-tech companies, has issued layoff notices to nearly 100 employees, with termination effective from April 1. This latest round of cuts comes merely half a year after the company announced its intention to lay off 2,000 workers worldwide, including approximately 250 in Israel.

Employees affected by the recent layoffs have voiced concerns, alleging that many of the dismissed workers are long-time veterans of the company. Amdocs, however, denies these claims, asserting that the layoffs are not concentrated on veteran employees and are part of routine efficiency measures common among leading global companies.

Amdocs defended its actions, stating, "Like leading global companies, Amdocs regularly examines the global macro trends and adjusts its activities. As a result, we periodically carry out global and targeted efficiency measures." The company emphasized that despite the layoffs, it remains committed to its extensive investments in growth areas and is providing necessary support to affected employees and their families.

This latest move comes on the heels of Amdocs' announcement of record revenues in its first-quarter report for 2024. The report revealed revenues of $1.25 billion, marking a 5% increase, with a backlog of orders for the next 12 months totaling $4.2 billion, up 3% compared to the corresponding period. Operating profit stood at $225 million, meeting analysts' expectations.

Despite these positive financial indicators, Amdocs intends to proceed with its efficiency procedures, including reducing office space in its newly launched Ra'anana campus by renting out 10% of its space.

With these developments, concerns have been raised about the company's priorities and the impact of its decisions on its workforce and operations moving forward.

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