Accenture to cut 19,000 jobs, trims forecasts
The Hindu
Accenture to cut 19,000 jobs, trims forecasts
Accenture Plc said on on March 23, 2023 it would cut about 19,000 jobs and lowered its annual revenue and profit projections, the latest sign that the worsening global economic outlook was sapping corporate spending on IT services.
The company also trimmed its annual revenue growth and profit forecasts on March 23, amid worries that recession-wary enterprises will cut technology budgets.
The company now expects annual revenue growth to be in the range of 8% to 10% in local currency, compared to 8% to 11% expected previously.
Accenture Plc forecast third-quarter revenue below Wall Street estimates on worries that budget cuts from recession-wary enterprises will weigh down on its business.
The company forecast current-quarter revenue in the range of $16.1 billion and $16.7 billion. Analysts on average were expecting revenue of $16.64 billion, according to Refinitiv data.