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HomeCURRENT AFFAIRSBUSINESSACCENTURE to lay off 19,000 employees

ACCENTURE to lay off 19,000 employees

IT services provider Accenture on Thursday said it will cut around 19,000 jobs. The company has also decided to lower its annual revenue and profit estimates. The latest indication from this decision of the company is that due to the deteriorating global economic outlook, corporate companies have started reducing their expenditure on IT services.

Amid fears of recession, the company insisted on reducing expenses

The company also slashed its annual revenue growth and profit forecasts on Thursday amid fears of a recession hitting enterprises and concerns about technology budget cuts. The company’s latest estimates suggest an annual revenue growth of 8% to 10% in local currency. The company had previously forecast revenue growth of 8% to 11%.

Shares rose by four percent

The company has told that more than half of the non-billable corporate employees will be affected by the layoffs being done by it. After the news of retrenchment in the company became public, the shares of the company showed a jump of four percent in the stock market.

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