- Accenture's fourth-quarter revenue estimates and full-year guidance were missed as new bookings declined.
- The company's consulting revenue fell. Sales at its communications, media and technology industry group fell.
- Accenture's 2024 earnings and sales outlook were also lower than analysts' forecasts. forecasts.
Shares of Accenture Plc (ACN ) fell on Thursday to their lowest level since June after the IT services and consulting company's full-year revenue and outlook missed estimates as new bookings declined.
The company released its fourth-quarter financial report. Sales in 2023 increased 3.6% to $15.99 billion, below forecasts. Earnings per share (EPS) of $2.71 beat expectations.
Consulting revenue decreased 2% to $8.20 billion, while managed services revenue increased 10% to $7.79 billion. Revenue for the communications, media and technology industry group fell 12%. It was up for all other segments. New bookings fell 10% to $16.6 billion.
Accenture projects EPS #39;fiscal 2024 in a range of $11.97 to $12.32, and revenue will increase by 2% to 5%. Both were lower than analysts expected.
Accenture shares lost over 4% on Thursday after the news, but even with Thursday's decline, shares were up more than 11% for the year.
Do you have a news tip for Investopedia journalists? Please email us at email@example.com