Accenture stock falls after profit and revenue beat expectations but outlook was downbeat

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Shares of Accenture Plc ACN,
-0.78%
On Thursday, premarket trading dropped 0.9% to an 18-month low after the consulting company reported fiscal fourth-quarter profit and revenue that topped expectations but provided a downbeat outlook. Net income for the August 31 quarter rose to $1.67 billion, or $2.60 per share, from $1.42 billion, or $2.20 per share, in the year-ago period. FactSet’s agreed-upon earnings per share was $2.57. Revenue grew 14.9% to $15.42 billion, well above the FactSet consensus of $15.39 billion, with revenue growth of 18% in US dollars in North America, 12% in Europe and 13% in growth markets. The impact on foreign currency translation revenue was negative 7.5%. New bookings increased 22% to $18.4 billion. Looking ahead, the company expects first quarter revenue of $15.20 billion to $15.75 billion, below the FactSet consensus of $16.17 billion, and fiscal 2023 EPS #11.09 to $11.41, lower than expectations of $11.93. The stock has fallen 36.0% since Wednesday, while the S&P 500 SPX,
-0.69%
Dropped 20.5%.

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Credit: www.marketwatch.com /

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