Accenture

The IT services and consulting firm will trim 19000 jobs or 2.5% of its workforce over the next year and a half.

dollars and 16% in local currency compared to the second quarter “during the second quarter of fiscal 2023, we initiated actions to streamline our operations and transform our non-billable corporate functions to reduce costs. Over the next 18 months, these actions are expected to result in the departure of approximately 19,000 people (or 2.5% of our current workforce), and we expect over half of these departures will consist of people in our non-billable corporate functions.”

Accenture is erasing the jobs of 19,000 employees - with in-house IT workers confirmed on the front line - after it trimmed revenue projections for the rest ...

[21,000 staff over two rounds](https://www.theregister.com/2023/03/14/meta_10000_jobs_cut/), and [Amazon, which is expunging 18,000](https://www.theregister.com/2023/03/20/amazon_9000_layoffs/). [513 tech companies have made redundant 150,000 employees](https://www.theregister.com/2023/03/22/skills_shortage_shadows_it_departments/). In the case of Accenture, for example, it has grown staff numbers by 30 percent since the start of June 2021, adding some 170,000 people. A Stanford Graduate School of Business boffin [last month said](https://www.businessinsider.com/stanford-professor-mass-layoffs-caused-by-social-contagion-companies-imitating-2023-2?r=US&IR=T) he believes this is just copycat behavior rather than genuine fear of a recession, which now seems less likely to be deep should it happen. Google is laying off [12,000](https://www.theregister.com/2023/03/20/dont_be_evil_a_gaggle/) and [Microsoft some 10,000](https://www.theregister.com/2023/01/18/microsoft_job_cuts/). The real reason for the caution centers on Accenture lowering forecasts for the remainder of its financial year, with revenue expected to grow between 8 and 10 percent rather than 8 and 11 percent, and operating margin to be in the range of 14.1-14.7 percent instead of 15.3-15.5 percent. [Don't Be Evil, a gaggle of Googlers tell CEO Pichai amid mega layoffs](https://www.theregister.com/2023/03/20/dont_be_evil_a_gaggle/) [Europe, America fear Twitter job cuts mean it can't protect users](https://www.theregister.com/2023/03/08/eu_us_regulators_concerned_twitter/) [BT opens 'voluntary job leavers' scheme for merging Enterprise and Global units](https://www.theregister.com/2023/03/03/bt_business_voluntary_redundancy/) [Salesforce under investor pressure to dump more staff](https://www.theregister.com/2023/02/27/salesforce_job_losses_not_over/) [Heads to roll at Lenovo amid 'severe downturn' in PC sales](https://www.theregister.com/2023/02/17/lenovo_q3/) Almost half of the axed employees will be shown the door by Accenture by the end of the current financial year, McClure added on the earnings call. McClure said the business is initiating “business optimization actions” to “reduce costs” for fiscal 2024, and it expects to book in $1.2 billion in severance and some $300 million for “consolidation of office space.” The job cuts come despite Accenture, one of the largest cloud resellers on the planet, reporting $15.8 billion in revenue for its latest quarter, up 5 percent year-on-year, and an operating profit of $1.946 billion, albeit down against the $2.06 billion filed a year earlier. “These actions are expected to impact roughly 2.5 percent of 19,000 of our current workforce, of which over half are non-billable corporate functions and include over 800 of our more than 10,000 leaders.” Accenture is erasing the jobs of 19,000 employees - with in-house IT workers confirmed on the front line - after it trimmed revenue projections for the rest of its current fiscal 2023.

Accenture is the latest tech company to announce layoffs, announcing it would cut 2.5% of its workforce or around 19000 jobs.

[Return Home](https://www.channele2e.com/) [Thousands of workers](https://edition.cnn.com/2023/01/22/tech/big-tech-pandemic-hiring-layoffs/index.html) in the tech industry have been laid off in recent months as higher interest rates, inflation and recession fears have led to a pullback in advertising and consumer spending. In some cases, these conditions have slowed the pace and level of client spending,” the firm said. The $167 billion company also downgraded its revenue growth outlook for the 2023 fiscal year to between 8% and 10% from its previous estimate of between 8% and 11%, CNN said. We evaluate voluntary attrition, adjust levels of new hiring and use involuntary terminations as a means to keep our supply of skills and resources in balance with changes in client demand,” Accenture wrote in the filing. Accenture has 738,000 employees globally, and said in its latest quarterly report to the U.S.

Accenture to cut 19,000 jobs as IT spending slowdown continues ... The consultancy remains profitable, but is cutting its cloth in the face of the global tech ...

Nonetheless, Accenture's revenue has held up, and yesterday it reported year-on-year income growth of 5%, bringing in $15.8bn in the three months to the end of February. Experts say that while these companies remain profitable, the period of rapid growth spurred by the pandemic has come to an abrupt end. Since then the war in Ukraine and rising interest rates, and inflation, around the world have slowed spending on cloud and other IT projects. Meanwhile, KPMG is making 700 redundancies in the US and 200 in Australia, mostly from its advisory business. Sweet told investors on the company’s earnings call yesterday that it was taking “offensive” action to ensure the business would be in good shape moving forward. [industry’s biggest names](https://techmonitor.ai/policy/digital-economy/meta-job-cuts-facebook-metaverse) cut [thousands of jobs](https://techmonitor.ai/policy/digital-economy/microsoft-lay-offs-big-tech-job-cuts), has impacted spending on Accenture’s services.

Accenture currently employs 738,000 people meaning the plan impacts around 2.5 per cent of its staff. On an earnings call, CFO KC McClure explained more than ...

The company expects to incur $1.2 billion in severance costs and $300 million for consolidation of office space from now until the close of its next fiscal year in August 2024. In a filing to the US Securities and Exchange Commission Accenture stated it will hire staff where necessary to advance “strategic” plans. Professional services company Accenture detailed plans to axe 19,000 jobs over the next 18 months to reduce costs and streamline operations in the face of slowed IT spending.

19,000 — that's the number of workers Accenture is laying off amid its worsening global economic outlook. And more than half of these layoffs will be in the ...

[Challenger, Gray and Christmas](https://www.challengergray.com/). Overall, it's important for companies to be proactive and consider all options when faced with tough times.” [Sweet said in its financial results report](https://newsroom.accenture.com/news/accenture-reports-strong-revenues-and-record-new-bookings-for-second-quarter-fiscal-2023.htm) for the second quarter of fiscal 2023. Google employees want Pichai to “ [Meta](https://www.hcamag.com/us/specialization/industrial-relations/meta-expected-to-begin-another-round-of-layoffs/438669) and [a report from Reuters](https://www.reuters.com/business/retail-consumer/walmart-laying-off-hundreds-us-workers-five-e-commerce-fulfillment-centers-2023-03-23/).

The job onslaught continues relentlessly. The latest in the series of announcements is Irish-American giant Accenture announcing a cutting down of 19,000 ...

It is the attrition rate which is normal in a company like Accenture. The market would continue to be on shaky grounds for some time to come.” Sumit Kumar says, “The 2.5% is not a big number. I mean who knows if they will be the first to be laid-off or the last? Also, who knows if they will be amongst the 50% of back-office staff or the unlucky others.” Poonam Patel an IT professional says, “It’s (the job slash) is less that 3% and is also over a period of time.

Although Accenture plc ( NYSE:ACN ) shareholders have enjoyed a great week with the stock up 7.4%, insiders who sold...

Alternatively, email editorial-team (at) simplywallst.com. It's great to see high levels of insider ownership, but looking back over the last year, we don't gain confidence from the Accenture insiders selling. There haven't been any insider transactions in the last three months -- that doesn't mean much. This kind of significant ownership by insiders does generally increase the chance that the company is run in the interest of all shareholders. By clicking on the graph below, you can see the precise details of each insider transaction! Paula Price was the only individual insider to sell over the last year.

After over a year of downtrending, Accenture (NYSE: ACN) shares have hit and confirmed their bottom. The move is driven by better-than-expected results ...

They’ve been net buyers for the last year and the last 3 consecutive quarters, and their activity has been ramping. The takeaway for investors is that growth is still on the table, records are being set, cash flow is strong, and the dividend is healthy. The takeaway is that adjusted earnings are up 6% YOY and beat by $0.20, leading to improved guidance for the year. Resources was the most significant growth market by industry, with Health and Public services and Financial Services growing by solid double-digits. The strength was driven by gains in Growth Markets, up 14%, with 12% growth in the EU and 5% growth in North America helping the total. The move is driven by better-than-expected results proving that the use and adoption of tech are as robust as ever.

Shares of Accenture PLC Cl A inched 0.13% higher to $272.00 Friday, on what proved to be an all-around great trading session for the stock market, with the.

Trading volume (4.1 M) eclipsed its 50-day average volume of 2.4 M. Accenture PLC Cl A closed $73.30 short of its 52-week high ($345.30), which the company reached on April 5th. [ACN, +0.13%](/investing/stock/ACN?mod=MW_story_quote)inched 0.13% higher to $272.00 Friday, on what proved to be an all-around great trading session for the stock market, with the S&P 500 Index [SPX,](/investing/index/SPX?mod=MW_story_quote)rising 0.56% to 3,970.99 and the Dow Jones Industrial Average +0.56% [DJIA,](/investing/index/DJIA?mod=MW_story_quote)rising 0.41% to 32,237.53.

BMO Capital analyst Keith Bachman maintains Accenture with a Market Perform and raises the price target from $310 to $327. Better-than-expected bookings, ...

Bachman thinks there remains uncertainty around Consulting bookings growth and implications for FY24 development. Management noted that Q3 bookings would be sequentially lower, consistent with prior years' May quarter trends. - BMO Capital analyst Keith Bachman maintains Accenture with a Market Perform and raises the price target from $310 to $327.

Cisco led a “crowded” secure access service edge (SASE) market in terms of revenue in 2022, experts said. This week's Channel Futures People Making Waves features executives and experts at Lumen, Accenture, Amazon, Canalys and more.

[our slideshow above](https://www.channelfutures.com/galleries/8-channel-people-making-waves-this-week-at-lumen-accenture-amazon-canalys-more-gallery) for the eight wave-makers from Lumen, Accenture and more. If you’re paying attention to the ins and outs of hybrid work, this list is for you. They take complicated information and boil it down to the essentials. Then this week the shoe dropped. Learn from CEO Julie Sweet what this means moving forward for the massive tech organization. The company seemed not to be impacted by the tech layoffs affecting so many large firms.

Most analysts expect the Indian IT sector to grow its revenue in mid- to high-single digits year on year in FY24, a steep climb down from the high growth ...

[Subscribe](https://economictimes.indiatimes.com/subscription?newslettertype=div_3125&email=2&utm_source=newsletter&utm_medium=email&utm_campaign=DailyTop5)to our daily newsletter for the latest and must-read tech news, delivered straight to your inbox. “Mphasis can have a larger impact, given high exposure to vulnerable verticals (BFS), services (mortgage BPO) and clients (large client in logistics vertical),” it said. [Lok Sabha Passes Finance Bill With Key Amendments](/epaper/delhicapital/2023/mar/25/satet-front/lok-sabha-passes-finance-bill-with-key-amendments/articleshow/98980205.cms) Accenture did not give any incrementally negative view on the banking, financial services and insurance (BFSI) sector in its results. [ould take a toll on India’s $245-billion IT business process management (BPM) industry](https://m.economictimes.com/tech/information-tech/banking-crisis-indian-it-bpm-companies-may-feel-the-heat/articleshow/98829731.cms). This means some slowdown in growth for the sector in the short to medium-term.” “TCS and Infosys fit the bill in Tier 1.” The BFSI vertical may have 1-2% growth impact for FY24,” Bhatt said. [technology](https://economictimes.indiatimes.com/tech)and [startup news](https://economictimes.indiatimes.com/tech/startups)that matters. “The current demand environment favours those with strength in (cost-takeout) types of programs and core modernisation,” it said. “So, companies with scale like TCS and Infosys will benefit… Most Indian firms will report their earnings next month, with

Most analysts expect the Indian IT sector to grow its revenue in mid- to high-single digits year on year in FY24, a steep climb down from the high growth ...

[technology](https://economictimes.indiatimes.com/tech)and [startup news](https://economictimes.indiatimes.com/tech/startups)that matters. Accenture did not give any incrementally negative view on the banking, financial services and insurance (BFSI) sector in its results. “Mphasis can have a larger impact, given high exposure to vulnerable verticals (BFS), services (mortgage BPO) and clients (large client in logistics vertical),” it said. This means some slowdown in growth for the sector in the short to medium-term.” The BFSI vertical may have 1-2% growth impact for FY24,” Bhatt said. “TCS and Infosys fit the bill in Tier 1.”

With 738,000 staff worldwide, as well as pure consulting, its offers many things to many clients. In Dublin it provides outsourcing services to the likes of ...

There is little loyalty and in truth, little is expected. In truth, Sweet is just saying the quiet part out loud though. “We’ve been dealing with the challenges of compounding wage inflation,” she said.

India Business News: BENGALURU: Accenture CEO Julie Sweet, in an email to employees, said the company could operate with fewer managing directors in some ...

Accenture has invested more than $300 million over 3 years to develop SynOps, a platform to accelerate the journey to digital, data-driven operations and deliver business outcomes. These departures will be mostly completed by the end of the fiscal year 2023 (ending August),” she said in an email to employees that TOI has seen. She said the company is addressing these challenges through a combination of pricing improvements, cost efficiencies and operational rigour.

BMO Capital Markets increased their price objective on shares of Accenture from $310.00 to $327.00 in a research report on Friday.

acquired a new position in Accenture in the fourth quarter valued at approximately $27,000. The shares were sold at an average price of $280.53, for a total transaction of $155,974.68. The shares were sold at an average price of $280.99, for a total transaction of $288,576.73. My Personal CFO LLC acquired a new position in Accenture in the fourth quarter valued at approximately $27,000. Affiance Financial LLC acquired a new position in Accenture in the fourth quarter valued at approximately $25,000. upped their target price on shares of Accenture from $311.00 to $314.00 and gave the company an "overweight" rating in a research note on Friday. In other news, General Counsel [Joel Unruch](https://www.insidertrades.com/accenture-plc-stock/joel-unruch/) sold 556 shares of the stock in a transaction that occurred on Monday, January 23rd. Piper Sandler lowered shares of Accenture from a "neutral" rating to an "underweight" rating and set a $268.00 price objective for the company. The company has a market cap of $168.80 billion, a price-to-earnings ratio of 24.32, a price-to-earnings-growth ratio of 2.37 and a beta of 1.25. [Joel Unruch](https://www.insidertrades.com/accenture-plc-stock/joel-unruch/) sold 556 shares of the company's stock in a transaction dated Monday, January 23rd. Cowen upped their price objective on shares of Accenture from $295.00 to $300.00 in a research report on Monday, December 19th. Jefferies Financial Group cut their price objective on shares of Accenture from $290.00 to $279.00 in a research report on Monday, December 19th.