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☆ CEOs from Alphabet, Walmart, Pfizer meet White House officials on refugees
▼ + stars: | 2023-09-14 | by ( Jeff Mason | Thomson Reuters | Jeff Mason Is A White House Correspondent For Reuters. He Has Covered The Presidencies Of Barack Obama | ) www.reuters.com time to read: +2 min

REUTERS/Annegret Hilse/File Photo Acquire Licensing RightsCompanies Accenture PLC FollowAirbnb Inc FollowAlphabet Inc Follow Show more companiesWASHINGTON, Sept 14 (Reuters) - Chief executives from a wide array of U.S. companies will meet White House Chief of Staff Jeff Zients on Thursday to discuss refugee resettlement and sponsorship programs, a White House official said. The CEOs will include Alphabet's Sundar Pichai, Walmart's Doug McMillon, Pfizer's Albert Bourla, HP's Enrique Lores and others. They are part of a council of leaders affiliated with Welcome.US, a group dedicated to helping support refugees in the United States. They will meet Zients and other White House officials "to discuss specific ways we can continue to work together to support safe, orderly pathways for people in need of safety to come to the United States, including through refugee resettlement and new, expanded humanitarian sponsorship programs," a White House official told Reuters. The White House, which says it wants to partner with the private sector to build a humane immigration system, worked with Welcome.US to help Afghan refugees coming to the United States after Biden pulled U.S. troops out of Afghanistan in 2021.

Persons: Annegret, Jeff Zients, Alphabet's Sundar Pichai, Doug McMillon, Pfizer's Albert Bourla, HP's Enrique Lores, Richard Dickson, Julie Sweet, David Risher, Hamdi Ulukaya, Mike Sievert, Goldman Sachs, Kathy Hochul, Zients, Biden, Donald Trump, Welcome.US, Jeff Mason, Christian Schmollinger Organizations: Google, Arena, REUTERS, Accenture, White, Welcome.US, Reuters, Lyft, Mobile, Blackstone, Comcast, Meta, Republicans, Democrat, Republican, Biden, Thomson Locations: Berlin, Germany, WASHINGTON, United States, Airbnb, New, New York City, United, Afghanistan

☆ DXC Technology cuts annual revenue forecast, shares tumble
▼ + stars: | 2023-08-02 | by ( ) www.reuters.com time to read: +1 min

Aug 2 (Reuters) - DXC Technology (DXC.N) on Wednesday posted weaker-than-expected quarterly sales and lowered its annual revenue forecast, as the IT services provider grapples with tough competition and lower spending from businesses worried about a turbulent economy. DXC said it now expects annual revenue to range between $13.88 billion and $14.03 billion, compared with its prior prediction of $14.40 billion to $14.55 billion. The company also generates sizeable revenue from outside the United States which makes it vulnerable to exchange rate fluctuations and geopolitical issues in an already uncertain market. For the quarter to June 30, the company reported revenue of $3.45 billion, missing analysts' average estimate of $3.56 billion, according to Refinitiv data. The company's adjusted profit fell to 63 cents per share in the quarter, compared with estimates of 82 cents.

Persons: DXC, Yamini, Maju Samuel Organizations: DXC, Accenture, Thomson Locations: United States, Bengaluru

☆ Google leads funding round for Indian space startup Pixxel
▼ + stars: | 2023-06-01 | by ( ) www.reuters.com time to read: +3 min

BENGALURU, June 1 (Reuters) - Alphabet Inc's (GOOGL.O) Google is leading a $36 million funding round for Bengaluru-based Pixxel, a satellite-image startup, in the first major investment in the Indian space sector since the government launched its privatisation policy in April. Pixxel did not specify how much Google had invested or the valuation it reflected. Founder and Chief Executive Awais Ahmed said Pixxel would be "the most valued space tech company in India after this investment". Space startups, in particular, have come under pressure after the bankruptcy of Richard Branson's Virgin Orbit launch company. Ahmed has said he was inspired to launch a space startup from a visit Elon Musk's SpaceX as part of a student competition to build a demonstration "hyperloop" transport pod.

Persons: Pixxel, Awais Ahmed, Ahmed, Richard Branson's Virgin, Kshitij Khandelwal, Nivedita, Kevin Krolicki, Christopher Cushing Organizations: Google, Miner Rio Tinto Ltd, Accenture PLC, Skyroot Aerospace, Reuters, Space, Richard Branson's Virgin Orbit, Elon, SpaceX, Thomson Locations: BENGALURU, Bengaluru, Miner Rio, India

☆ Indian edtech startup Unacademy to lay off 12% of staff - document
▼ + stars: | 2023-03-30 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, March 30 (Reuters) - Indian edtech startup Unacademy is laying off 12% of its workforce, citing a funding winter and pressure to turn profitable, according to an internal mail from the company's chief executive seen by Reuters on Wednesday. "Today... funding is scarce and running a profitable business is key," CEO and co-founder Gaurav Munjal said in an email sent to all staff. A spokesperson for Unacademy declined to comment on the layoffs and did not disclose the number of job cuts or the current headcount. Indian business news publication Moneycontrol reported earlier in the day that the SoftBank-backed startup laid off about 380 employees, reducing its total employee count to under 3,000. Companies that have cut staff include Tiger Global-backed Vedantu and Byju's - India's biggest startup valued at $22 billion.

☆ Accenture to Cut 19,000 Jobs, 2.5% of Workforce
▼ + stars: | 2023-03-23 | by ( Will Feuer | ) www.wsj.com time to read: 1 min

Accenture PLC is cutting about 19,000 jobs, or 2.5% of the professional-services company’s workforce, as it looks to slash costs and streamline operations. The company, which offers various corporate services ranging from accounting and procurement to marketing and more, said most of the employees expected to be affected will be in nonbillable corporate roles. Accenture said it is still hiring elsewhere.

☆ Accenture trims forecasts, to cut 19,000 jobs as IT spending slows
▼ + stars: | 2023-03-23 | by ( Chavi Mehta | ) www.reuters.com time to read: +2 min

[1/2] Accenture PLC logo is seen on a smartphone in front of displayed same logo in this illustration taken, December 1, 2021. REUTERS/Dado Ruvic/Illustration/File PhotoMarch 23 (Reuters) - Accenture Plc lowered its annual revenue and profit forecasts and decided to cut about 2.5% of its workforce, or 19,000 jobs, the latest sign that the worsening global economic outlook was sapping corporate spending on IT services. More than half of the jobs to be cut will be in its non-billable corporate functions, Accenture said on Thursday, sending its shares up 6.4%. Accenture now expects annual revenue growth to be between 8% and 10%, compared with its previous projection of a 8% to 11% increase. A survey of more than 1,000 IT decision makers by U.S.-based Enterprise Technology Research said they plan to reduce their 2023 budget growth.

Traders' bets are almost equally split between the Fed pausing its rate hikes in May and another 25 bps hike, according to CME Group's Fedwatch tool. Communication services (.SPLRCL) and information technology (.SPLRCT) led the gains among the S&P 500 sector indexes, all of which rose, except utilities (.SPLRCU). Bank of America (BAC.N) and UBS (UBS.N) now see the Fed funds rate target peaking at 5-5.25% in May compared to earlier forecasts of 5.25-5.5%. Advancing issues outnumbered decliners by a 3.62-to-1 ratio on the NYSE and 3.27-to-1 ratio on the Nasdaq. The S&P index recorded one new 52-week high and five new lows, while the Nasdaq recorded 17 new highs and 27 new lows.

☆ Accenture cuts jobs, trims forecasts on worries of lower IT spending
▼ + stars: | 2023-03-23 | by ( ) www.reuters.com time to read: +1 min

[1/2] Accenture PLC logo is seen on a smartphone in front of displayed same logo in this illustration taken, December 1, 2021. REUTERS/Dado Ruvic/Illustration/File PhotoMarch 23 (Reuters) - Accenture Plc on Thursday lowered its annual revenue and profit forecasts and said it would cut about 2.5% of workforce, or 19,000 jobs, the latest sign that the worsening global economic outlook was sapping corporate spending on IT services. Accenture now expects annual revenue growth to be between 8% and 10% compared to the previous projection of 8% to 11% increase. Accenture said it now expects earnings per share to be in the range of $10.84 to $11.06 compared to $11.20 to $11.52 previously. Reporting by Chavi Mehta in Bengaluru; Editing by Sriraj Kalluvila and Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

☆ Accenture to Cut 19,000 Jobs as IT Spending Slows
▼ + stars: | 2023-03-23 | by ( Belle Lin | Will Feuer | ) www.wsj.com time to read: 1 min

Accenture PLC is cutting about 19,000 jobs, or 2.5% of its workforce, over the next 18 months as the professional-services company looks to slash costs and streamline operations, amid slowing IT spending. The company said it expects its business-optimization plan to cost about $1.5 billion, mostly from employee severance during the remainder of the current fiscal year and fiscal 2024.

☆ These 74 stocks across 5 categories of AI are the top picks from the sector's leading fund managers.
▼ + stars: | 2023-03-18 | by ( Laila Maidan | ) www.businessinsider.com time to read: +11 min

These 74 stocks are picked by AI ETF managers. What she believes is unique about her fund is its heavy focus on quantum computing technology, making up 41.22% of the fund. While big data is used for different technologies, it enables AI to work with massive data sets in its machine-learning process. TipRanks, a financial technology website that uses AI to analyze financial data, created a stock list for what they deem are the best AI stocks based on popularity. TipRanks' list of nine of the best AI stocks have large market caps and are likely to remain relevant for a long time.

☆ The AI craze has sent some stocks soaring up to 300%. This list of over 74 stocks across 5 categories features the top picks from the sector's leading fund managers.
▼ + stars: | 2023-02-08 | by ( Laila Maidan | ) www.businessinsider.com time to read: +11 min

☆ IBM cuts 3,900 jobs, misses annual cash target
▼ + stars: | 2023-01-26 | by ( Chavi Mehta | ) www.reuters.com time to read: +2 min

Jan 25 (Reuters) - IBM Corp (IBM.N) on Wednesday announced 3,900 layoffs as part of some asset divestments and missed its annual cash target, dampening cheer around beating revenue expectations in the fourth quarter. Analysts said news of the job cuts and free cash flow miss was behind the drop. read moreIBM's 2022 cash flow was $9.3 billion, below its target of $10 billion, due to higher-than-expected working capital needs. In October, IBM flagged softness in new bookings in Western Europe while peer Accenture Plc noted weakness in its consulting business. For 2022, IBM recorded revenue growth of 5.5%, its highest in a decade.

☆ IBM cuts 3,900 jobs after muted consulting demand hits quarterly revenue
▼ + stars: | 2023-01-25 | by ( Chavi Mehta | ) www.reuters.com time to read: +2 min

Jan 25 (Reuters) - IBM Corp (IBM.N) on Wednesday said it would lay off 3,900 people as part of some asset divestments and posted flat fourth-quarter revenue due to lackluster demand for its consulting services. The resulting layoffs will cause a $300 million charge in the January-March period, IBM said. IBM in October flagged softness in new bookings in Western Europe while peer Accenture Plc also noted weakness in its consulting business. Still, Kavanaugh said that the company is seeing its consulting business grow in terms of cloud spending. Total revenue was $16.69 billion in the period, compared with analysts' estimates of $16.40 billion, according to Refinitiv.

☆ Accenture beats quarterly revenue estimates amid higher IT spending
▼ + stars: | 2022-12-16 | by ( ) www.reuters.com time to read: 1 min

Dec 16 - Accenture Plc surpassed Wall Street estimates for quarterly revenue on Friday, a sign that IT spending is holding strong even as economic headwinds pressure businesses. Companies are prioritizing spending on IT infrastructure as well as management and transformation projects which have become key as firms adopt more digital work-flows. The company forecast second-quarter revenue in the range $15.20 billion to $15.75 billion. The mid-point of the guidance is lower than analysts' estimate of $15.61 billion, according to Refinitiv. Revenue grew 5% to $15.7 billion in the quarter ending Nov. 30, inching past analysts' estimate of $15.58 billion, according to Refinitiv.

☆ Duke Energy Enters Into Amazon Cloud Deal
▼ + stars: | 2022-11-22 | by ( Belle Lin | ) www.wsj.com time to read: +3 min

Duke Energy Corp. said it has signed a three-year deal with Amazon. com Inc.’s cloud-computing unit as the electric power and natural gas holding company aims to advance its power grid improvements and clean energy goals. Charlotte, N.C.-based Duke will use Amazon Web Services to run applications that predict electricity needs on its power grid, and where and how the grid should be updated to meet those needs. Ms. Titone oversees an information-technology department of more than 2,000 people, with about 400 focused on accelerating Duke’s cloud transition. There are certainly things that we need to house and maintain in our own data center,” Ms. Titone said.

☆ ValueAct's Morfit sees Insight Enterprises stock surging as cloud computing grows
▼ + stars: | 2022-10-18 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +2 min

Mason Morfit, the firm's chief executive and chief investment officer, said the company's stock price, currently trading at $87.63, could climb to as high as $500 a share in the next five years. Morfit said he was speaking out about Insight because it is broadly overlooked by the market. As Insight helps transform its partner companies, it is also transforming itself having hired a new chief executive earlier this year and having changed the bulk of senior management. For ValueAct, betting on the megatrend of digital transformation started when Morfit had a board seat at Microsoft (MSFT.O) years ago. Register now for FREE unlimited access to Reuters.com RegisterReporting by Svea Herbst-Bayliss; Editing by Lisa ShumakerOur Standards: The Thomson Reuters Trust Principles.

☆ Accenture forecasts revenue below estimates on IT spending cut, higher dollar
▼ + stars: | 2022-09-22 | by ( ) www.reuters.com time to read: +2 min

Register now for FREE unlimited access to Reuters.com RegisterAccenture PLC logo is seen on a smartphone in front of displayed same logo in this illustration taken, December 1, 2021. REUTERS/Dado Ruvic/IllustrationSept 22 (Reuters) - IT services firm Accenture Plc forecast first-quarter revenue below expectations on Thursday, weighed down by IT spending cuts amid high inflation and impact from a stronger dollar. Register now for FREE unlimited access to Reuters.com RegisterAnalysts worry a protracted economic slowdown could dent robust IT spending with the cracks already showing after Salesforce cut its annual revenue and profit forecast noting “measured” spending from clients. The company forecast current-quarter revenue between $15.20 billion and $15.75 billion, compared with analysts' average estimate of $16.07 billion, according to data from Refinitiv. Register now for FREE unlimited access to Reuters.com RegisterReporting by Chavi Mehta in Bengaluru; Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ The Fed can save the stock market if a recession hits. Experts explain how far the central bank will go with rate hikes – and when it could reverse course.
▼ + stars: | 2022-09-22 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

As of yesterday, the federal funds rate is now in a range of 3.0% to 3.25% after a third consecutive 75-basis-point rate hike and the fifth increase of the year. But should the unemployment rate rise and company earnings fall enough to kick off a deep recession, a markets-friendly central bank could emerge over the next year, according to Kolanovic. In his view, a Fed pivot won't materialize until the unemployment rate gets closer to 5%. How does the Fed's third outsized rate hike impact your outlook for the economy and for your portfolio? US stock futures struggled for direction early Thursday, as the odds of a soft economic landing dwindled following the Fed's rate hike Wednesday.

EY’s leaders last week approved separating the professional-services firm’s consulting and auditing businesses. The consulting firm, which doesn’t have an official name yet, has to make sure its branding doesn’t confuse prospective or existing clients, she said. EY trailed Deloitte and PwC in both its total revenue, $39.96 billion, and consulting revenue in the 2021 fiscal year. EY’s planned split has drawn comparisons to when Andersen Consulting separated from defunct accounting firm Arthur Andersen in 2001 and subsequently rebranded as Accenture. Companies could be inclined to stick with their existing consulting firm, rather than try out a new one, if they are uncertain about their outlook, Mr. Tellis said.

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