Business Standard

Accenture forecasts fourth-quarter revenue below Wall Street estimates

Shares of the company were down 2% in trading before the bell

it sector

Demand for IT services in the United States remains weak

Reuters

Listen to This Article

IT consulting firm Accenture forecast fourth-quarter revenue below Wall Street estimates on Thursday on worries that rising economic uncertainty will keep IT budgets tight and prevent businesses from signing fresh contracts.

Shares of the company were down 2% in trading before the bell.
 
Demand for IT services in the United States remains weak.
 
Cognizant Technology Solutions last month said it faced pressure in signing smaller contracts due to softer discretionary spending. India's outsourcing giant Tata Consultancy Services said in April that U.S. recovery hadn't materialized as expected and had, in fact, worsened.
 
Accenture forecast current-quarter revenue in the range of $15.75 billion to $16.35 billion. Analysts on average expect revenue of $16.35 billion, according to Refinitiv data.
 
Revenue for the quarter ended May 31 was $16.56 billion, in line with estimates.




Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Jun 22 2023 | 5:46 PM IST

Explore News