also Amdox Joins the trend and lays off about 2.5% of its employees. There are about 700 employees, of which about 100 are in Israel. As of last September, Amdocs employed 30,288 people worldwide, most of them (over 16 thousand) in Asia-Pacific, especially in India.
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 Shafer Markets, provides IT systems and solutions to telecom companies. The company is traded on Nasdaq at a value of approximately 11 billion dollars, after an increase of over 20% in the share price in the past year, contrary to 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 carried out in accordance with the state of the markets.
The company stated in response: “Amdox is a solid company, with continuous growth and with a strong forecast for the future. However, out of responsibility and alertness to what is happening in the world, we are required to take actions to maximize our flexibility and efficiency and do so carefully and moderately, including reducing the global workforce by a rate of approximately 2 -3% percentage globally.’
Amdocs revenues in the fiscal year 2022 (the year that ended in September) were about 4.6 billion dollars, a growth of 10.3% compared to a growth of 7% in 2021. Its forecast for 2023 includes 6-10% growth in revenues and improved profitability rates, and it is expected to continue to distribute dividends to its shareholders.
A return of about 20% since the beginning of the year
The layoffs now come despite eight shares Amdox which supplies IT systems to telecommunications companies, recently reached an all-time high, shows a return of about 20% since the beginning of the year, and is traded at a value of 10.98 billion dollars on Nasdaq. A value that makes it the fifth largest Israeli company.
Amdocs is an old company that has been trading in the US since 1998 and is currently managed by Shaffer Markets. Last year, the company’s stock underperformed compared to most Israeli technology stocks, with a single-digit increase that can be attributed to its being a solid company; although profitable and paying dividends, but One that is consistently growing at rates that were considered unexciting during the tech bubble that inflated on Wall Street.