Accenture beats quarterly revenue estimates on strength in cloud

IT consulting firm Accenture raised its full-year revenue forecast on Thursday and reported second-quarter revenue above analysts' estimates, as more businesses used its digital services to shift operations to the cloud.

After the COVID-19 pandemic forced companies to expedite their move to the cloud, Accenture doubled down on its digital services by aggressively investing in cloud-based technology.

The company, which has clients across industries, including health and financial services, even acquired a number of cloud-focused ventures during the second quarter.

The company now expects full-year revenue to grow between 6.5% and 8.5% in local currency, compared to its previous guidance of 4% to 6%. Analysts on average estimate full-year revenue to be $47.83 billion, according to IBES data from Refinitiv.

Revenue rose to $12.09 billion in the quarter ended Feb. 28 from $11.14 billion a year earlier. Analysts had expected revenue of $11.83 billion, according to IBES data from Refinitiv.