WiseTech Global Says AI Transformation Leads to Reduction of Around 1,200 Roles; Shares Fall 9%
MT Newswires Live
9 hours ago
WiseTech Global (ASX:WTC) said its artificial intelligence (AI) transformation program across the product and development as well as customer service teams led to a reduction of around 1,200 roles and delivered AU$34 million of annualized earnings before interest, taxes, depreciation, and amortization (EBITDA) run-rate savings, according to a Wednesday Australian bourse filing.
An earlier program focused on high-performance teams and early adoption of AI delivered AU$17 million of annualized EBITDA run-rate savings, it added.
It is targeting up to around 50% labor cost savings opportunity for logistics service providers with its CargoWise AI.
Its shares fell 9% in recent trading on Wednesday.
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