IT firms navigate workforce cuts, US slump, AI opportunities
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In FY24, Infosys, TCS, and Wipro collectively saw workforce reduction of 63,759 employees. The domestic IT sector faced a collective headcount reduction, a downturn in the US revenue, a fluctuating performance in the BFSI sector, and a paradox of rising deal wins not translating into equivalent revenue growth. The demand from the US showed considerable weakening in FY24 as clients held back their discretionary spendings and the macroeconomic uncertainties caused delays in deal conversion, thus impacting the IT companies revenue streams significantly. Despite these challenges, there is a beacon of strategic optimism in the companies’ focus on AI and GenAI.

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https://www.financialexpress.com/business/industry-it-firms-navigate-workforce-cuts-us-slump-ai-opportunities-3464103/