Mumbai: Information technology giant Accenture's revenue in the quarter ended May 31 fell 1% year-on-year to $11.0 billion. Net income of the company fell 2% to $1.23 billion, but was largely in line with Street estimates.
Accenture’s fiscal year ends in August.
Globally businesses have been severely hit by the economic downturn following the covid-19 pandemic, but technology companies are expected to perform better as industries turn to rapid digital transformation.
“In times of crisis, our laser focus on creating value for our clients, our ability to deliver mission-critical services for the world’s leading companies, and our unwavering commitment to our people and to living our core values inside and outside Accenture make a difference," Julie Sweet, Accenture’s chief executive officer, said.
Sweet added that the company delivered its third-quarter financial results that aligned with their expectations, including revenue growth in the top end of the guided range, as well as strong profitability and free cash flow.
New order bookings for the third quarter were $11.0 billion, an increase of 4% in U.S. dollars and 6% in local currency from the third quarter last year. Consulting new bookings were $6.2 billion, or 56% of total new bookings. Outsourcing new bookings were $4.8 billion, or 44% of total new bookings.