March 19 (Reuters) - Accenture forecast quarterly revenue below estimates on Thursday, as clients remain cautious on spending on large IT transformation projects amid an uncertain economic environment
Accenture forecasts quarterly revenue below estimates on cautious enterprise spending
Accenture's Financial Performance and Market Outlook
March 19 (Reuters) - Accenture forecast quarterly revenue below estimates on Thursday, as clients remain cautious on spending on large IT transformation projects amid an uncertain economic environment.
Shares of the Dublin, Ireland-based company were down 3% in premarket trading.
Challenging Economic Environment
The company has been dealing with a challenging economic environment, with clients delaying large digital transformation projects and favoring cost control and short-term initiatives over broad overhauls.
Revenue Forecast for Third Quarter
The company expects fiscal third-quarter revenue between $18.35 billion and $19.00 billion, with the midpoint slightly below analysts' average estimate of $18.72 billion, according to data compiled by LSEG.
Second Quarter Performance
The company's revenue rose 8% to $18.04 billion for the second quarter, beating estimates of $17.84 billion.
Profit and Bookings Growth
Accenture reported a profit of $2.93 per share, compared with $2.82 per share in the same quarter last year.
New bookings, a metric that measures future revenue based on contracts, rose 6% to $22.1 billion in the second quarter.
(Reporting by Anhata Rooprai in Bengaluru; Editing by Leroy Leo)
