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Accenture to lay off 19,000 in India
The recent announcement by Accenture to lay off nearly 19,000 employees is attributed to the challenging global macro-economic conditions and slow revenue growth. The company also reduced its annual revenue growth and profit forecasts while delivering its quarterly results for the second quarter of fiscal 2023. However, the company reported revenues of $15.8 billion, an increase of 5 per cent in US dollars, and new bookings at $22.1 billion, a 13 per cent increase. The company has initiated actions to streamline operations, transform non-billable corporate functions, and consolidate office space to reduce costs. Accenture expects to record total costs of approximately $1.5 billion through fiscal 2024, with $1.2 billion for severance and $300 million for consolidation of office space.