ACCENTURE Plc lowered its annual revenue and profit forecasts and said on Thursday it would cut about 2.5% of its workforce, the latest sign that the worsening global economic outlook was sapping corporate spending on IT services.

More than half of the 19,000 jobs to be cut will be in its non-billable corporate functions, Accenture said, sending its shares up more than 4% before the bell.

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.