The IT services company Accenture Plc announced on Thursday that it would cut 19,000 jobs and lower its annual revenue and profit. Of its 7.38 lakh employees, 40% are in India. projections as worldwide mass firings at leading tech companies continue
Brief Overview
The company stated, causing its shares to rise by more than 4% before the opening bell. “Around 19,000 employees are expected to leave over the next 18 months as a result of operations streamlining. We anticipate that people in non-billable corporate functions will account for over half of the departures.”
Julie Sweet, Seat and Chief of Accenture, said in an explanation, “We are likewise doing whatever it may take to bring down our costs in the monetary year 2024 and past while proceeding to put resources into our business and our kin to catch the critical learning experiences ahead.”
The company anticipates revenue in the range of $16:1 billion to $16.7 billion for the current quarter. According to data from Refinitiv, analysts were anticipating revenue of $16.64 billion on average.
End Note
Several tech companies, including Microsoft, Amazon, Twitter, and Meta, were already in the grip of this layoff wave. Accenture now expects annual revenue growth of 8% to 10%, up from 8% to 11% previously projected. It became the latest company in the IT industry to announce job cuts on Thursday.
