Is Agilent Laying Off Employees? In March 2023, Reports confirmed that Agilent Technologies, a company based in Santa Clara, announced that it would not lay off employees. Agilent’s CEO, Mike McMullen, has committed to avoiding layoffs this year.
This assurance comes as a reassuring beacon for the company’s employees. In 2022, Agilent’s shares have shown remarkable resilience, surging by 15%. This starkly contrasts the S&P 500 index, which has seen a decline of 9% during the same period.
McMullen’s unwavering commitment to maintaining the current workforce is a positive gesture. It reflects that the company prioritizes its employees’ well-being during these challenging times.
On the contrary, In August 2023, it was reported that Agilent Technologies was also joining the bandwagon of the layoffs trend as it announced layoffs. Not only this, but it also planned to close its Kirkland facility.
It is noted that employers with over 100 full-time workers must provide a 60-day notice before laying off 50 or more employees at a single site. Agilent has notified the Washington Employment Security Department to inform them about the impending layoffs.
Two years ago, Agilent acquired Resolution, which was based in Kirkland. Unfortunately, Resolution’s performance didn’t meet expectations. It led to the decision to close the Kirkland operations in the fall. As a result, 64 employees will lose their positions.
The wave of layoffs that began last year has reached an alarming scale. It made it difficult to pinpoint the exact number of affected employees. In recent weeks, several prominent tech giants have announced staggering layoffs. For example:
- Google laid off around 12,000 jobs.
- Microsoft cut 10,000 positions.
- Amazon laid off around 18,000 roles.
Insiders estimated that over the past two to three months, more than 65,000 tech workers have been laid off. This follows a challenging 2022 for the tech industry, marked by major layoffs at companies like:
Meta, Twitter, and many others.
However, amidst this troubling trend, some tech firms have refused layoffs. Further, you will get to know these companies that refused layoffs.
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About Agilent Technologies
Agilent Technologies, Inc. is a global company headquartered in Santa Clara, California. It specializes in providing instruments, software, services, and consumables for laboratories. It was founded in 1999 when it emerged as a spin-off from Hewlett-Packard. Agilent’s initial public offering (IPO) marked a historic milestone in Silicon Valley as it became the largest IPO.
From 1999 to 2014, Agilent primarily focused on producing optics (LED, laser), semiconductors, electronic design automation (EDA) software, and test and measurement equipment for the electronics industry. This division later became Keysight following a spin-off.
Subsequently, Agilent’s trajectory shifted towards diversification. Over the years, it has expanded its reach into various sectors, including
- Pharmaceuticals
- Diagnostics
- Clinical applications
- Academia and government research markets
This strategic evolution has allowed Agilent to adapt to dynamic market landscapes.
Agilent Technologies Revenue Rise
In May 2023, Agilent Technologies announced its fiscal second-quarter revenues. It is noted that the company generated around $1.72 billion after the market closed. This marks a nearly 7% increase compared to the $1.61 billion reported in Q2 2022.
For the quarter ending April 30, the company’s Life Sciences and Applied Markets Group posted revenues of $968 million. It shows an 8% YoY increase from $896 million. Diagnostics and Genomics Group revenues reached $362 million. It is a 1% YoY rise from $358 million. Agilent CrossLab Group also saw strong growth, with revenues of $387 million. It has increased almost 10% from $353 million.
The key growth driver in the Life Sciences and Applied Markets Group was liquid chromatography and mass spectrometry products. These products experienced a remarkable 16% increase in the recent quarter across all end markets, according to McMullen.
Continued demand for lab consumables also played a crucial role in the 13% growth of that segment.
The growth in the Diagnostics and Genomics Group was attributed to the pathology and nucleic acid therapeutics businesses. However, this growth was partly offset by a general industry-wide weakness in genomics.
The company reported a Q2 net income of $302 million, or $1.02 per share, compared to $274 million, or $.91 per share, in Q2 2022. The adjusted earnings per share (EPS) for the second quarter, i.e., $1.27.
Agilent ended the quarter with cash and cash equivalents of nearly $1.18 billion.
Recently, Agilent launched a next-generation sequencing (NGS)-based pan-cancer assay. It utilizes 679 genes for molecular profiling of a wide range of solid tumors.
Additionally, it partnered with Sophia Genetics. The partnership will integrate their DDM Platform with Agilent’s SureSelect Cancer Comprehensive Genomic Profiling (CGP) Assay Kit.
In March, Agilent introduced an end-to-end digital pathology workflow solution. It combined products from Agilent, Visiopharm, Proscia, and Hamamatsu Photonics.
Despite positive results, some things could be improved. According to McMullen, there is uncertainty in the global macroeconomic landscape and stresses in the banking system. This has led to a more cautious approach from customers worldwide. It primarily impacted instrument spending in pharma markets in the U.S. and China.
Third-quarter revenue is expected to be around $1.64 billion or $1.675 billion. Besides, the EPS is forecasted at $1.36 to $1.38.
For 2023, Agilent now expects revenues between $6.93 billion and $7.03 billion. It shows reported 1.2% to 2.7% and core growth of 3.0% to 4.5%. The adjusted EPS estimate for fiscal year 2023 is now $5.60 to $5.65, compared to the previous range of $5.65 to $5.70. These adjustments are due to a more cautious outlook for the second half of the fiscal year.
Agilent shares recently saw a significant drop of more than 10%, trading at $115.32 on the New York Stock Exchange.
Is Agilent A Good Company?
Based on employee reviews, Agilent Technologies has an overall rating of 4.2 out of 5. This high rating indicates positive sentiments within the workforce. Notably, 85% of employees recommend Agilent Technologies as a great workplace.
Moreover, 76% of employees hold a positive outlook for the company’s future. It is indicating a sense of optimism and confidence in Agilent’s direction.
Who Are The Top Competitors Of Agilent?
Agilent faces robust competition from industry giants such as:
- Thermo Fisher Scientific, a major rival, offers a broad spectrum of scientific solutions.
- Danaher, another significant player, competes with its diverse range of products and services.
- Revvity, an emerging competitor of Agilent.
- Roche, a global healthcare powerhouse, also competes head-to-head with Agilent.
In addition to these strong competitors, Mettler-Toledo, Waters, Sartorius, and Shimadzu further increased the competitive landscape.
Amid this intense competition, Agilent has encountered challenges, including layoffs and occasional closures. These competitors hold a pivotal role in shaping the dynamics of the industry.
Firms That Refused To Do Layoffs
In a challenging era where layoffs have become commonplace, several companies have chosen to support their employees instead.
Here’s a list of the companies that have refused to conduct layoffs.
- Apple: Apple, a big tech giant, has steered clear of employee layoffs. They’ve implemented measures such as delaying bonuses, pausing hiring, and reducing travel budgets to safeguard their reputation for stability.
- ASM Pacific Technology: This semiconductor back-end equipment manufacturer, with 12,000 global employees, hasn’t resorted to layoffs. Their commitment to maintaining a global presence is evident.
- Atos: While undergoing restructuring, Atos has announced no mass layoffs in France, assuring employment for 5,700 people. They are working on organizational changes at the European level.
- CGI: Despite growing its workforce by 10%, Canadian tech-services firm CGI Inc. has no plans for layoffs. Their focus is on winning contracts from organizations downsizing staff.
- Cloudflare: This internet security and performance company has maintained its workforce without layoffs. Strong financial performance reflects their commitment.
- LG Electronics: LG Electronics, specializing in home appliances and TV markets, has avoided layoffs thanks to a successful sales strategy.
- LITE-ON Technology: Despite industry-wide layoffs, Lite-On has not laid off employees and reported profit growth, buoyed by demand for high-end power units.
- Mastercard: CEO Ajay Banga’s commitment to no layoffs due to the pandemic. It showed Mastercard’s focus on long-term growth and partnerships.
- MoonPay: In the crypto industry, MoonPay raised $87 million in funding, maintaining its workforce and showing its resilience.
- NCR Corporation: Rather than layoffs, NCR Corporation expands through an agreement with Walgreens, providing ATM services across their stores.
- Nvidia: Nvidia Corporation has kept its workforce intact while innovating in artificial intelligence chips, maintaining a dominant position in the AI chip market.
- Sopra Steria: Sopra Steria refrains from layoffs and aims to acquire Ordina, focusing on positive growth.
- ServiceNow: despite experiencing a drop in shares, ServiceNow remains committed to its workforce during these challenging times.
- TSMC: Amid tech layoffs, Taiwan Semiconductor Manufacturing Company (TSMC) plans to hire 6,000 engineers, ensuring the semiconductors flow to tech giants.
These companies are committed to their employees’ well-being despite uncertain economic times.
Conclusion
Agilent, a respected technology firm, recently faced a challenging situation involving layoffs. These layoffs are a part of the company’s strategic decision to restructure its operations, resulting in job losses for numerous employees.
This move was part of Agilent’s efforts to streamline its business and optimize its resources. While undoubtedly a difficult decision, it was necessary for the company’s long-term sustainability.
In summary, Agilent’s recent layoffs directly resulted from its strategic restructuring initiatives. While they did lead to job losses, their primary aim was to enhance the company’s overall efficiency and competitiveness. Agilent remains steadfast in its commitment to its employees and will actively explore new opportunities for growth and success.