Accenture (ticker: ACN), a leading management consultant and tech company, reported fourth-quarter revenue that fell short of Wall Street estimates, causing the stock to drop on Thursday. The company posted fiscal fourth-quarter earnings of $2.71 per share on revenue of $15.99 billion, slightly below analysts’ expectations of $2.65 per share on revenue of $16.07 billion. In comparison, Accenture reported earnings of $2.60 per share on revenue of $15.42 billion in the same quarter last year.
Decrease in New Bookings
Additionally, Accenture revealed that new bookings for the quarter amounted to $16.6 billion, representing a decline of 10% compared to the same period last year.
Fiscal 2024 Earnings Outlook
For fiscal 2024, Accenture expects adjusted earnings to be in the range of $11.97 to $12.32 per share. However, this forecast falls below the FactSet consensus of $12.38 per share.
Despite the mixed financial results, Chief Executive Julie Sweet expressed her pride in the company’s performance and emphasized their involvement in the AI revolution. Sweet mentioned that “our clients’ generative AI bookings of $300 million in the last six months position us at the heart of the beginning of AI-fueled reinvention.”
Following the announcement, Accenture’s stock experienced a 4.9% decrease in premarket trading on Thursday, bringing the share price down to $298.90. However, it is worth noting that the stock had risen by 18% this year prior to this decline.