Global IT services company Accenture cut 19 thousand jobs, technical crisis deepens
New Delhi (IANS) | Accenture, a global IT services firm with a large presence in India, on Thursday announced layoffs of around 19,000 employees amid challenging global macro-economic conditions and slowing revenue growth.
Giving its quarterly results for the second quarter of fiscal 2023, the company also slashed its annual revenue growth and profit forecasts.
“We are taking steps to reduce our costs in fiscal 2024 and beyond, while optimizing our business and our people to take advantage of the significant growth opportunities ahead,” Accenture President and CEO Julie Sweet said in a statement. Will continue to invest in.”
The company said its revenue in US dollars was up 5 percent to $15.8 billion. New bookings were $22.1 billion, an increase of 13 percent.
During the second quarter of fiscal 2023, Accenture initiated actions to streamline operations, transition non-billable corporate functions and consolidate office space to reduce costs.
The company recorded $244 million in business optimization costs during the second quarter and expects to record total costs of approximately $1.5 billion through fiscal 2024.
“Accenture estimates $1.2 billion for severance and $300 million for office space consolidation, expected to total approximately $800 million in fiscal 2023 and $700 million in fiscal 2024,” the company said.
–IANS
