WiseTech Global Cuts 2,000 Jobs

WiseTech Global, an Australian logistics software firm, announced plans to cut approximately 2,000 jobs, nearly a third of its global workforce, over the next two years. This restructuring is driven by the company's integration of artificial intelligence into its customer software and internal operations. CEO Zubin Appoo stated that the era of manually writing code is over, highlighting the rapid advancements in AI. The layoffs will affect various teams, including product, development, and customer service, and could reduce some teams by half. Its U.S. cloud computing arm, E2open, acquired for $2.1 billion, may see cuts of up to 50%. Despite previous investor concerns related to allegations against former CEO Richard White and general worries about AI's impact, WiseTech Global's shares jumped significantly after the announcement, also supported by an estimate-beating first-half profit and an interim dividend.