IT MNC Accenture is laying off 19,000 employees to cut costs.

Accenture Layoff 2023:

Amidst the increasing threat of global recession, the process of layoff continues in companies.

IT giant Accenture has announced to a reduction of 2.5 percent of the total workforce in the coming days.

Accenture also slashed its annual revenue growth and profit estimates in its results amid massive layoffs.

The company said it has done this to reduce costs and streamline growth during the second quarter of FY2023.

Accenture Revenue and Profit Forecasts 2023: Previous estimate revenue growth: 8% to 11% Current estimated revenue growth: 8% and 10%

Accenture's earnings per share Forecasts: Previous: $11.20 to $11.52 Now: $10.84 to $11.06

Major Layoffs of 2023: Amazon: 18,000 employees Microsoft: 11,000 employees Facebook: 21000 employees (in two phases)

Accenture's move comes a day after the US Federal Reserve hiked interest rates by 25 basis points.