The United States-headquartered software communications services provider is laying off nearly 2,000 employees, or 6.5% of its workforce.
Earlier this year, Amdocs laid off about 700 employees, representing 3% of its total workforce, in its first round of layoffs.
"Amdocs, like other leading global companies, constantly assesses global macroeconomic conditions and takes appropriate measures to ensure sustainable growth. As part of this, we will periodically initiate efficiency processes while continuing to invest in growth areas, consistent with our strategic plan." Amdocs wrote in a statement.
In Israel, it was founded in 1982, employs about 31,00 people and has not been affected by the economic recession like other tech companies. In recent quarters, the company has delivered positive financial reports and has also increased dividends to shareholders.
Moreover, the company's shares have also shown positive returns since the beginning of this year. Currently, the company has a market capitalization of around $12 billion.
Second quarter results
Amdocs reported revenues of $1.16 billion in the second quarter, an increase of 8.8% compared to the corresponding quarter in 2021. The company posted record revenues of $788 million in North America, a 14.9% increase, and revenues of $718 million. Managed services, which accounted for 62% of total revenue
Amdocs also reported an orders backlog of $3.95 billion for the next twelve months. On the other hand, the company reported a decline in net profit of $128.4 million compared to a net profit of $146.1 million in the corresponding quarter of 2022.
