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Accenture Layoffs: 19000 jobs will go to Accenture, company also reduced revenue growth and profit estimates

Pankaj Prasad
Accenture Layoffs
Accenture Layoffs

IT services provider Accenture on Thursday said it will cut around 19,000 jobs.

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 

And the company also slashed its annual revenue growth and profit forecasts on Thursday amid 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

More non-billable corporate employees will be affected. 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.