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AMD to invest $400 million in India by 2028: Here’s what we know

US chipmaker Advanced Micro Devices said on Friday it will invest around $400 million in India over the next five years and will build its largest design center in the tech hub of Bengaluru. AMD’s announcement was made by its Chief Technology Officer Mark Papermaster at an annual semiconductor conference that started Friday in Prime Minister Narendra Modi’s home state of Gujarat. Other speakers at the flagship event include Foxconn Chairman Young Liu and Micron CEO Sanjay Mehrotra. Despite being a late entrant, the Modi government has been courting investments into India’s nascent chip sector to establish its credentials as a chipmaking hub. AMD said it will open its new design centre campus in Bengaluru by end of this year and create 3,000 new engineering roles within five years. “Our India teams will continue to play a pivotal role in delivering the high-performance and adaptive solutions that support AMD customers worldwide,” Papermaster said. The new 500,000-square-foot (55,5...
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Accenture to cut 19,000 jobs: Here are all the details

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 percent.

Since late last year, the tech sector has laid off hundreds of thousands employees due to a demand downturn caused by high inflation and rising interest rates.

Rival Cognizant Technology Solutions last month pointed to “muted” growth in bookings, or the deals IT services firms have in the pipeline, in 2022 and forecast quarterly revenue below expectations.

IBM Corp and India’s top IT services firm Tata Consultancy Services have also flagged weakness in Europe, where the Ukraine war has affected client spending.

Accenture now expects annual revenue growth to be between eight percent and 10 percent, compared with its previous projection of an eight percent to 11 percent increase.

Earnings per share is expected in the range of $10.84 to $11.06 compared with $11.20 to $11.52 previously. The company expects to incur $1.2 billion in severance costs through fiscal 2023 and 2024.

“Companies remain focused on executing compressed transformations,” Chief Executive Julie Sweet said in a post-earnings call referring to how businesses were trying to become leaner in the turbulent economy.

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. The growth expectations are now 3.4 percent, down from 5.6 percent increase captured in October 2022.

“In short, the data indicates a very difficult environment ahead for consulting firms,” said Erik Bradley, chief engagement strategist at the technology market research firm.

— Reuters

The post Accenture to cut 19,000 jobs: Here are all the details appeared first on Techlusive.



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