Quarterly Earnings
Accenture Jun-Aug sales beat view, ups 2024-25 sales growth guidance
This story was originally published at 23:22 IST on 26 September 2024
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MUMBAI – The US-based information technology company, Accenture, raised its revenue forecast for 2024-25 (Sep-Aug) to 3-6% from 1.5-2.5% in the previous year. The IT giant reported a higher-than-expected revenue for the August quarter, backed by demand for artificial intelligence-related services. In dollar terms, its topline was $16.41 bln, beating the consensus estimate of $16.37 bln, Dow Jones reported. The company also announced a share buyback of $4 bln.
"We continue to accelerate our leadership in generative AI, which we believe is the most transformative technology of the next decade, delivering $3 bln in new bookings for the year," Julie Sweet, chief executive officer of the company was quoted in a filing. The better-than-expected revenue growth follows more than a year of tepid discretionary spending on IT projects due to higher interest rates.
Following the results, BofA Securities maintained a 'buy' rating on the stock with a target price of $365. At 2140 IST, the stock was 4.6% higher at $352.59. However, the revenue growth guidance of the company was lower than the broking firm's estimate of 4-7%, Investing.com reported. American depository receipts of Indian IT companies, such as Wipro and Infosys, were over 2.5% higher each after the US company's earnings and were the top performers among all Indian ADRs. End
US$1 = 83.64 rupees
Reported by Anjana Therese Antony
Edited by Akul Nishant Akhoury
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