BackAccenture warns of first-quarter revenue below estimates as IT spending remains under pressure
Accenture reported its Q4 revenue numbers within its targeted range but fell short of estimates. The company forecasted the first-quarter revenue below the Wall Street targets signaling that high inflation, interest rates pressures will hurt demand through next year
PremiumAccenture, the US based IT services company, Thursday reported financial results for the fourth quarter and full fiscal year ended August 31, 2023.
The IT giant reported its Q4 revenue numbers within its targeted range but fell short of estimates. The company forecasted the first-quarter revenue below the Wall Street targets signaling that high inflation and interest rates pressures will hurt demand through next year.
The revenue of the company rose 4% to $16 billion in the fourth quarter ended August 31, as against estimates of $16.08 billion.
Accenture expects first-quarter revenue in the range of $15.85 billion to $16.45 billion, while analysts polled by LSEG forecast $16.43 billion, up 4% year-on-year, Reuters reported.
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The company also forecast fiscal 2024 adjusted earnings per share to be in the range of $11.97 to $12.32, below estimates of $12.45. The mid-point of its revenue growth forecast of 2% to 5% in local currency also fell short of estimates, the report added.
Accenture has achieved another strong year of financial performance, CEO Julie Sweet said in a statement, adding that the company has AI bookings of $300 million in the last two quarters.
Accenture shares fell nearly 5% in trading before the bell after the company reported that the fourth-quarter revenue also missed estimates.
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