Layoff streak continues: IT company Accenture to lay off 19,000 employees

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Image - wikipedia

New Delhi, dated 23-March-2023, Thursday

As layoffs continue in large companies amid growing fears of a global recession, yet another IT company has decided to go for massive layoffs. IT sector giant Accenture has announced on Thursday to cut 19000 employees. The company also lowered its annual revenue growth and profit estimates in its results. IT company Accenture further said that these layoffs will be done in a phased manner over 18 months.

Amid fears of recession, the company emphasized cost reduction

The company on Thursday cut its annual revenue growth and profit forecasts amid concerns about cuts to technology budgets and concerns about cuts to technology budgets, it is believed. According to the company's latest estimates, its annual revenue could go up to 8 percent to 10 percent during the local currency. The company had earlier estimated revenue growth of 8 percent to 11 percent.

Shares rose 4 percent

The company has said that more than half of its non-billable corporate employees will be affected by the layoffs. After the news of retrenchment came out in the company, the company's shares rose by four percent in the stock market.

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