Israeli software and services provider Amdocs Ltd. (Nasdaq: DOX) has announced a round of layoffs. The company is shedding 2.5% of its workforce - 700 employees including 100 employees in Israel. Amdocs has 30,288 employees, most of them in Asia and in India in particular.
The company does not provide details on the number of employees in specific countries, including Israel. In Israel, Amdocs is in the process of moving to its new campus in Ra'anana, and about half of the employees have already moved there.
Amdocs, under the management of CEO Shuky Sheffer, provides IT systems and solutions to telecom companies. The company is traded on Nasdaq with a market cap of about $11 billion, after its share price rose 20% in 2022, bucking the general trend in the market. In fact, the stock is currently trading close to an all-time high. The layoffs in the company are being carried out in order to adapt to current market conditions.
Amdocs said, "Amdocs is a solid company, continuously growing and with a strong forecast for the future. However, out of responsibility and awareness of what is happening in the world, we must act to maximize our flexibility and efficiency, with caution and moderation, including reducing the global workforce by approximately 2-3%."
Amdocs revenue in the 2022 fiscal year (until September 30) was $4.6 billion, up 10.3% from 2021. Revenue had grown 7% in 2021. The company predicts 6%-10% revenue growth in 2023 and improved profitability and it will continue to distribute a dividend to shareholders.
Published by Globes, Israel business news - en.globes.co.il - on January 3, 2023.
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