New Delhi, July 20: Amdocs, the software company, is reportedly preparing for another round of layoffs, which might impact five percent to ten percent of its global employees. The Amdocs layoffs may count approximately 3,000 employees facing job cuts. Multiple reports suggest that the company aims to maintain its competitive edge and streamline its operations.

As per a report of ABP Live, Amdocs is gearing up for layoffs, which will likely affect a sizable portion of its employee. The company might be looking to reduce costs and improve efficiency. The tech layoffs in 2024 have already seen numerous companies making job cuts and Amdocs is the latest to join this trend. The job cuts at Amdocs are said to be a step to ensure the company remains competitive and financially stable in the long term. Microsoft Layoffs: Tech Giant Lays Off DEI Employees via Sending Email to Employees, Calls Team ‘No Longer Business Critical or Smart’.

Amdocs is a company with around 29,000 employees all over the world and has a market value of around USD 9.7 billion. In the second quarter of 2024, Amdocs reported revenues of USD 1.25 billion, which represents a two percent increase when compared to the same quarter of the previous year, 2023. Additionally, Amdocs has updated its financial projections for the fiscal year 2024. The company now expects revenue growth to fall within the range of 1.7 percent to 3.7 percent. Layoffs in US: Despite Employers Adding Jobs, More People in United States Apply for Jobless Benefits Amid Rising Layoffs, Struggle To Land Job.

In Israel, the company has about 5,000 employees and many of them might lose their jobs in the upcoming layoffs. This is not the first time Amdocs has laid off employees. In 2023, they laid off around 2,700 employees and earlier this year, they laid off around 100 employees as part of their efforts to reorganise their human resources department. According to reports, an Amdocs spokesperson stated, "As a global leader in its domain, Amdocs constantly monitors the opportunities and challenges in the surrounding business environment, adjusting to them while investing in innovation and leveraging the latest technologies.”

(The above story first appeared on LatestLY on Jul 20, 2024 01:22 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).