Data analytics and operations solutions provider ExlService (NASDAQ:EXLS) is slashing nearly 800 jobs amid the accelerating global shift towards AI.
Slashed ExlService Positions
The move affects less than 2% of Exl’s workforce as the company maneuvers to meet customer demand for generative AI, according to the Wall Street Journal. While 400 employees have been laid off, the remaining 400 have the opportunity to seek positions elsewhere in the company. The job cuts largely impact positions in Exl’s U.S. and India operations.
Gearing Up for the Future
On the flip side, the company is adding employees with skill sets in advanced data, AI, and generative AI. The pivot also points to opportunities for companies such as Exl in helping clients get ready for the AI age and harness their data more effectively. Earlier this week, Exl announced major changes at its top with AI in mind. It expanded CEO Rohit Kapoor’s duties as board chair. Additionally, Executive Vice Presidents Vikas Bhalla and Vivek Jetley were promoted to the position of President with the expanded responsibilities of driving Exl’s adoption of data and AI solutions.
What Is the Target Price for EXLS Stock?
ExlService’s share price has ticked higher by nearly 10.5% over the past six months. Overall, the Street has a Moderate Buy consensus rating on the stock alongside an average EXLS price target of $37.75. This implies a further 23.4% potential upside in the stock.
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