Tech
WiseTech Global to slash 2,000 jobs amid AI transformation
WiseTech Global to reduce workforce by a third amid AI changes, despite 36% drop in net profit.
WiseTech Global to reduce workforce by a third amid AI changes, despite 36% drop in net profit.
WiseTech Global has announced plans to cut around 2,000 jobs, signalling the end of the era of manually writing code. The job losses, representing nearly a third of its workforce, will primarily affect product development and customer service.
The company’s chief executive says these redundancies are part of a broader push towards artificial intelligence-driven operations. WiseTech aims to streamline workflows and embrace automation, even as its net profit fell 36% due to acquisition costs.
Despite these cuts, WiseTech has reaffirmed its revenue and earnings guidance for the year, and its shares jumped 11 per cent following the announcement.
Subscribe to never miss an episode of Ticker – https://www.youtube.com/@weareticker
