{"id":66512,"date":"2023-09-28T16:12:37","date_gmt":"2023-09-28T20:12:37","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/accenture-stock-drops-as-earnings-outlook-misses-expectations\/"},"modified":"2023-09-28T16:12:40","modified_gmt":"2023-09-28T20:12:40","slug":"accenture-stock-drops-as-earnings-outlook-misses-expectations","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=66512","title":{"rendered":"Accenture Stock Drops as Earnings Outlook Misses Expectations"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-BAR-0000755275\">\n<div data-layout=\"wrap\n              \" data-layout-mobile=\"\" class=\"\n        media-object\n        type-InsetMediaIllustration\n          wrap\n  article__inset\n        article__inset--type-InsetMediaIllustration\n          article__inset--wrap\n    article__inset--lead\n  \"><\/p>\n<p>        <!-- eventually when we know what this card will be we can change it and leave this one --><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        img-wrap\n        article__inset__image\n      \" itemscope=\"\" itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<\/figure><\/div>\n<p>\n        Accenture<br \/>\n       stock fell Thursday after the management consultant and tech company reported revenue that missed Wall Street estimates and provided earnings guidance below consensus.<\/p>\n<p>\n        Accenture<br \/>\n       (ticker: ACN) posted fiscal-fourth-quarter earnings of $2.71 a share on revenue of $15.99 billion. Analysts surveyed by FactSet were expecting earnings of $2.65 a share on revenue of $16.07 billion. In the fourth quarter last year, the company reported earnings of $2.60 a share on revenue of $15.42 billion.<\/p>\n<div class=\"paywall\">\n<p>\n        Accenture<br \/>\n       also said new bookings for the quarter were $16.6 billion, a decrease of 10% from the same period last year.<\/p>\n<p>The company expects fiscal 2024 adjusted earnings of between $11.97 to $12.32 a share. That\u2019s below the FactSet consensus of $12.38 a share.<\/p>\n<p>Accenture also posted fiscal 2023 revenue of $64.1 billion. The company expects revenue growth for fiscal 2024 to be between 2% to 5%, which would be less than Wall Street estimates of $67.66 billion. <\/p>\n<p>Evercore ISI analyst David Togut cut his price target on the stock to $333 from $346 but maintained his Outperform rating. Togut wrote in a research note Thursday that \u201cdeteriorating discretionary spending softened bookings, increasing headwinds to FY24E revenue growth.\u201d<\/p>\n<p>William Blair analyst Maggie Nolan also maintained her Outperform rating on the stock without a price target. <\/p>\n<p>\u201cDemand for new small deals remains weak, primarily impacting strategy and consulting and systems integration work,\u201d Nolan wrote in a research note. \u201cHowever, we are encouraged that Accenture continues to capture demand for large transformational deals, as evidenced by 106 clients in fiscal 2023 with quarterly bookings greater than $100 million.\u201d<\/p>\n<p>Chief Executive Julie Sweet said in a news release that she was \u201cextremely proud\u201d of the company\u2019s financial performance. She also added that \u201cour clients\u2019 generative AI bookings of $300 million in the last six months position us at the heart of the beginning of AI-fueled reinvention.\u201d<\/p>\n<p>William Blair\u2019s Nolan wrote that she was \u201cimpressed\u201d with gen AI sales.<\/p>\n<p>Shares of Accenture fell 5% Thursday to $298.80 and were on pace for their largest percentage decrease since December 2022, according to Dow Jones Market Data. The stock was the second-worst performer in the<br \/>\n        S&amp;P 500<br \/>\n       Thursday. Including Thursday\u2019s performance, the stock has risen 12% this year.<\/p>\n<p>Write to Angela Palumbo at angela.palumbo@dowjones.com<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/articles\/accenture-stock-earnings-outlook-e4ec4da6?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Accenture stock fell Thursday after the management consultant and tech company reported revenue that missed Wall Street estimates and provided earnings guidance below consensus. Accenture (ticker: ACN) posted fiscal-fourth-quarter earnings of $2.71 a share on revenue of $15.99 billion. Analysts surveyed by FactSet were expecting earnings of $2.65 a share on revenue of $16.07 billion. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":66513,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-66512","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Accenture Stock Drops as Earnings Outlook Misses Expectations | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Accenture stock fell Thursday after the management consultant and tech company reported revenue that missed Wall Street estimates and provided earnings\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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