Software development giant Amdocs is facing a round of layoffs that could affect 5-10% of its workforce, including its Israeli employees. As of 2023, the global company employs 30,695 people, and the layoffs could apply to around 3,000 employees, although the final figure has yet to be determined.
The round of layoffs comes against the backdrop of declining investment from telecommunications companies in the U.S., the company’s main market. This is not the first round of layoffs by the software giant: two rounds of layoffs took place last year, resulting in the termination of the employment of around 2,700 employees, about 12 percent of whom were employed in Israel.
Amdocs provides IT systems and services primarily to public sector telecommunications companies around the world. In fact, it serves about 90% of the telephone companies in the United States and has a market capitalization of $9.72 billion.
Amdocs responded: “As a global leader in its field, Amdocs considers opportunities and challenges in the business environment and adapts its activities, while investing in innovation, leveraging and absorbing innovative and groundbreaking technologies. As a result, the company is considering measures to maintain its leadership and resilience, and ensure its competitiveness in providing solutions suited to the changing needs of the market. Israel remains one of Amdocs’ main development and innovation centers worldwide.”
