AudioCodes

AudioCodes, an Israeli provider of communication solutions for digital work environments, laid off approximately 10% of its workforce in July 2023. This reduction, affecting around 100 employees from a total of roughly 1,000, was a direct response to a significant downturn in the company's financial performance. Following the waning demand post-pandemic, AudioCodes faced declining revenues, a crashing stock price, and revised its annual forecast downward. The layoffs were part of a broader restructuring effort aimed at reducing costs and stabilizing the company amidst these challenging market conditions.

AudioCodes, an Israeli Nasdaq-listed company specializing in voice-based transcription technology, is laying off approximately 80 employees, representing 6% of its workforce, immediately. Over the next 6 to 12 months, the total workforce reduction is expected to reach 8-10%. The decision, announced in May 2023, is a response to macroeconomic pressures impacting customer spending and follows a weaker-than-expected first quarter where revenues declined by 10.8% year-over-year, resulting in a net loss. The company, which operates in the voice technology and software industry, is taking these steps to restructure its spending amid ongoing market uncertainty.