Accenture (NYSE:ACN) has reported third-quarter revenue and earnings that beat estimates but guided for fourth-quarter revenue that was below expectations, sending its shares lower in pre-market trading.
The professional services firm posted a 3% rise in revenue to $16.6 billion for the quarter ended May 31, 2023, and adjusted earnings per share (EPS) of $3.19, up 14% and ahead of the $3.04 expected by Wall Street analysts.
Accenture (NYSE:ACN) also highlighted new bookings for the quarter of $17.2 billion, with consulting bookings of $8.9 billion and managed services bookings of $8.3 billion, the company said.
“Our third quarter results reflect solid bookings and revenue and very strong adjusted operating margin, earnings per share and free cash flow, which demonstrates the rigor and discipline with which we run our business,” chair and CEO Julie Sweet said in an earnings statement.
“The strength of our strategy to be our clients’ transformation partner of choice continues to resonate, with 26 clients with quarterly bookings of $100 million or more; and our business model — which for decades has been built around the diversity of our markets, industries and services — along with our more than 730,000 talented people position us well to continue to deliver 360° value for our clients and stakeholders every day.”
The company has guided for 4Q revenues of $15.75 billion to $16.35 billion, versus the $16.35 billion consensus estimate of analysts, according to Refinitiv data.
For fiscal 2023, it now expects revenue growth to be in the range of 8% to 9% in local currency, compared to 8% to 10% previously.
Its shares fell 4.9% to $297.73 ahead of the market open.
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