IT layoffs: Accenture to cut 19,000 jobs, trims growth forecast
Accenture expects annual revenue growth to be between 8 per cent and 10 per cent compared to the previous projection of 8 per cent to 11 per cent increase
Representational image. AFP
Dublin: Accenture Plc has become the latest information technology (IT) services firm to sack its workforce. The company on Thursday said it would cut about 2.5 per cent of staff, or 19,000 jobs.
“Streamlining operations expected to result in the departure of approximately 19,000 people over the next 18 months. Expect over half of the departures will consist of people in non-billable corporate functions,” the company said, sending its shares up more than 4 per cent before the bell.
In a statement, Chair and CEO of Accenture, Julie Sweet, said: “We are also taking steps to lower our costs in the fiscal year 2024 and beyond while continuing to invest in our business and our people to capture the significant growth opportunities ahead.”
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Now, Accenture expects annual revenue growth to be between 8 per cent and 10 per cent compared to the previous projection of 8 per cent to 11 per cent increase.
In February, rival Cognizant Technology Solutions (CTSH.O) pointed to “muted” growth in bookings, or the deals IT services firms have in the pipeline, in 2022 after its first-quarter revenue forecast came in below market expectations.
Accenture said it now expects earnings per share to be in the range of $10.84 to $11.06 compared to $11.20 to $11.52 previously.
(With inputs from Reuters)
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