Accenture Cuts 19K Jobs Worldwide

Accenture ($ACN@Ireland) stated in a Thursday filing that it would cut 19,000 jobs worldwide in an effort to cut costs amid a downturn in the economy. The professional services company will spend $1.2 billion in severance and cut 2.5 percent of its workforce over the next 18 months. It will also spend $300 million to consolidate office space. The company, valued at $167 billion, decreased its revenue growth forecast for the 2023 fiscal year to between 8 percent and 10 percent from its previous estimate of between 8 percent and 11 percent. Shares rose 3.9 percent in premarket trading following the announcement. Its New York-listed stock is down by more than 5 percent over the past 12 months.