In addition to reducing its annual revenue growth and profit forecasts, the company released its quarter earnings for the second quarter of fiscal 2023.
After the announcement of Amazon's impending 9,000 job layoffs, another major international corporation has revealed plans to fire 19,000 of its staff. International company, Accenture, joined the sacking trend on Thursday by announcing that it would reduce its staff by 19,000 employees.
These layoffs follow Accenture's second-quarter FY23 figures, which demonstrate a rise in bookings and revenues for the company. This number of people represents 2.5 percent of Accenture's overall workforce and will be let go in the upcoming days. These layoffs will be implemented gradually over the ensuing 18 months, the business said in a statement.
The corporation claims that those working on its Non Billable Corporate Activities will be more adversely affected by this downsizing. The leading IT company Accenture has reportedly lowered both its revenue and profit projections. In contrast to an earlier prediction of 8% to 11% growth, the company now anticipates yearly sales growth to be between 8% and 10%.
Accenture CEO, Julie Sweet, stated in a statement, "We are also taking efforts to cut our expenses in fiscal year 2024 and beyond while continuing to invest in our business and our people to grasp the enormous growth possibilities ahead."
Accenture reported that its new bookings increased by 13% to $22.1 billion in the quarter, while its revenues increased by 5% to $15.8 billion. Accenture started taking steps to decrease costs during the second quarter of fiscal 2023 by streamlining operations, modernising non-billable corporate functions, and consolidating office space.
During the second quarter, Accenture reported business improvement expenses of $244 million. Through fiscal 2024, the corporation projected that its total costs will be close to $1.5 billion. With roughly $800 million anticipated in fiscal 2023 and $700 million anticipated in fiscal 2024, Accenture forecasts $1.2 billion for severance and $300 million for office space consolidation.
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(With inputs from IANS)
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