Accenture sees Q1 revenue below estimates on IT spending cut, higher USD

Foreign exchange headwinds have intensified since Accenture's third-quarter results, with the US dollar at a two-decade high against a basket of currencies

Accenture
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(Photo: Reuters)

Reuters
IT services firm Accenture Plc forecast first-quarter revenue below expectations on Thursday, weighed down by IT spending cuts amid high inflation and impact from a stronger dollar.

Foreign exchange headwinds have intensified since Accenture's third-quarter results, with the U.S. dollar at a two-decade high against a basket of currencies and up about 16% so far this year amid sharp Fed rate hikes and rising geopolitical tensions.

This has impacted companies with significant overseas operations including Microsoft, Salesforce and IBM.

Analysts worry a protracted economic slowdown could dent robust IT spending with the cracks already showing after Salesforce cut its annual

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Topics : Accenture

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First Published: Sep 22 2022 | 4:33 PM IST

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