In an indication of worsening macroeconomic conditions and its impact on the IT sector, Accenture Plc on Thursday announced that it would cut about 19,000 jobs or 2.5 percent of its workforce over 18 months and lowered its annual revenue projections for FY23, sending tremors across the sector.
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Sanchit Vir Gogia, CEO and Chief Analyst at Greyhound Research said, “IT companies are experiencing pressure on all sides. From worsening macroeconomic conditions to the banking crisis in the States to the onslaught of generative AI, this is an indication that IT companies need to deliberate serious reorganisation of their businesses to be leaner, more IP oriented and forward-looking.”
Hindu Business Line
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