Accenture announces plan to reduce workforce by 19,000 positions.

Accenture, a global IT services firm with a significant presence in India, has announced plans to lay off nearly 19,000 employees due to challenging global macro-economic conditions and slow revenue growth. The company has also reduced its annual revenue growth and profit forecasts. Despite these challenges, Accenture remains committed to investing in its business and people to capture growth opportunities in the future. In the second quarter of fiscal 2023, the company recorded revenues of $15.8 billion, representing a 5% increase in US dollars, and new bookings of $22.1 billion, a 13% increase. To reduce costs, Accenture has initiated actions to streamline operations, transform non-billable corporate functions, and consolidate office space. The company recorded $244 million in business optimization costs during the second quarter and expects to record total costs of approximately $1.5 billion through fiscal 2024.