Amdocs Fires 2,000 Workers In A Second Wave Of Job Cuts: Report

The list of tech companies that are laying off employees now includes Amdocs. based on an article on the Israeli website Calcalist. The software communication service provider, located in the US, is firing over 2,000 workers, or 6.5% of its workforce. In its initial round of layoffs earlier this year, Amdocs let go about 700 workers, or 3% of the entire staff.

“Amdocs, like other top international businesses, continuously evaluates the state of the world’s macroeconomic environment and takes the necessary steps to assure continued growth. In keeping with our strategic plan, we periodically start efficiency processes while sustaining investments in growth areas, according to Amdocs.

Amdocs, an Israeli company formed in 1982 with about 31,000 workers, hasn’t been as impacted by the recession as other tech companies have. The business has recently provided stockholders with higher dividends and excellent financial results. Moreover, since the start of the year, the company’s shares have increased in value. The corporation currently has a market value of about $12 billion.

Result for the second quarter

Amdocs reported sales of $1.16 billion in the second quarter, up 8.8% from the same period in 2021. The business reported record revenues of $788 million in North America, a growth of 14.9%; record revenues of $718 million in managed services, or nearly 62% of total revenues; and record revenues of $561 million in Europe, a decrease of 1.9%.

Additionally, Amdocs announced a $3.95 billion record backlog of orders for the upcoming year. However, compared to a net profit of $146.1 million in the same quarter previous year, the company reported a decline in net profit, coming in at $128.4 million.