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August 20, 2009
Accenture Ltd., the world’s second- largest technology-consulting firm, is reducing office space and cutting jobs, including 7 percent of its senior executives, to lower costs as sales fall in the recession.
The reductions will cost about $247 million in the fiscal fourth quarter, which ends Aug. 31, Hamilton, Bermuda-based Accenture said today in a statement. That will lower fourth- quarter earnings by about 24 cents a share, it said. With 4,800 senior executives, the cuts amount to at least 336 jobs.
The company expects sales to drop for a third consecutive quarter as customers delay spending on projects amid the worst recession since World War II. Global technology spending will decline 8 percent this year, according to a projection by Goldman Sachs Group Inc.
Revenue for the current quarter will at most be $5.2 billion, the company said, reiterating a June forecast. A year earlier, Accenture had sales of $6.6 billion. Analysts estimate $5.1 billion, according to the average of estimates compiled by Bloomberg.
Accenture was little changed in extended trading, after falling 23 cents to $36.34 today on the New York Stock Exchange. The stock has climbed 11 percent this year.
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