Amdocs set to lay off ‘hundreds’ of employees, Globes reports

Amdocs (DOX) is set to lay off “hundreds” of employees, including many in Israel, Globes’ Shiri Habib-Valdhorn reports, citing market sources. The company laying off employees as it establishes a dedicated GenAI & Data division, according to the report. Amdocs said, “Amdocs frequently adapts its activities to the opportunities and challenges in its business environment. As part of a strategic process that we have been working on for the past two years, we recently announced the establishment of a dedicated GenAI & Data division, to lead the field for our customers and integrate innovative technology into the core of the company. This transformation process, aimed at strengthening our leadership in the global IT and telecom market, requires adjustments to our organizational structure and human resources. Therefore, the company is currently examining steps aimed at ensuring its competitive strength and business efficiency, in order to optimally support growth in the new core areas.”