IT services firm Accenture announced on Thursday that it would lower its annual revenue and profit predictions and lay off around 2.5% of its staff, or about 19,000 employees, as massive layoffs at top tech businesses continue to occur around the world. Accenture is the most recent significant company to announce job cuts in light of macroeconomic challenges with these layoffs.
According to a Reuters report, more than half of the layoffs will affect staff at its non-billable corporate functions.
Further, the report said, Accenture now expects annual revenue growth to be between 8% and 10% compared to the previous projection of 8% to 11% increase.
Accenture said it now expects earnings per share to be in the range of $10.84 to $11.06 compared to $11.20 to $11.52 previously.
The company forecast third-quarter revenue below Wall Street estimates on worries that budget cuts from recession-wary enterprises will weigh down on its business. It 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.
Meanwhile, a number of tech firms, including Microsoft, Amazon, Twitter, and Meta, were already caught up in this round of layoffs.