Amdocs software giant plans 10% employee layoffs

The software development giant Amdocs is facing a wave of layoffs that will probably apply to 5-10% of the company's employees - including the workforce in Israel. As of 2023, the global company employs 30,695 workers, and hence the layoffs may apply to approximately 3,000 workers, although the final number has not yet been determined.

The wave of layoffs comes against the background of the decline in investments by American telecommunications companies - the company's main market. This is not the first wave of layoffs at the software giant. As a reminder, last year there were two waves of layoffs that ended the employment of about 2,700 workers, about 12 percent of them in Israel. 

Amdocs provides IT systems and services mainly to telecom companies from the public sector around the world. In fact, it provides services to about 90% of the telephone companies in the United States, and its market value reaches 9.72 billion dollars.

Amdocs responded: "As a global leader in its field, Amdocs examines the opportunities and challenges in its business environment and adapts its activities to them, while investing in innovation and leveraging and assimilating innovative and ground-breaking technologies. As a result, the company is examining steps aimed at preserving its leadership and resilience and ensuring its competitive ability in providing solutions Adequate to the changing market needs. Israel continues to be among Amdocs' leading development and innovation centers in the world."