ACN - Accenture Gets The Boost It Needs From Strong AI Bookings Growth | Benzinga
On June 20th, Accenture plc (NYSE: ACN) showcased strong client relationships and recurring business with substantial revenue figures. Despite missing analyst estimates, Accenture stock rose 7.7% due to strong AI bookings growth. Being a global leader in IT services, Accenture proved with its latest financials that its competitive advantage remains strong amidst challenging market conditions.
Third Quarter Highlights
For the quarter ended on May 31st, 2024, Accenture reported a slight YoY decrease in quarterly revenue from $16.56 million to $16.47 million due to a highly competitive IT services industry that comes with constant pressure on pricing strategies. FactSet’s consensus estimate was $16.54 billion. However, when adjusted for currency fluctuations, Barclays analyst Ramsey El-Assal noted that revenue does surpass expectations.
Moreover, net income remained robust at $1.93 million while a strong balance sheet has been maintained. Adjusted ...