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Accenture revenue forecast tops estimates on cloud, security services demand By Reuters


© Reuters. FILE PHOTO: Accenture PLC emblem is seen on a smartphone in entrance of displayed identical emblem on this illustration taken, December 1, 2021. REUTERS/Dado Ruvic/Illustration/File Photo

By Chavi Mehta

(Reuters) -IT consulting agency Accenture (NYSE:) Plc forecast better-than-expected second-quarter revenue on Thursday, as extra purchasers search its cloud and security services, sending its shares up greater than 10% in premarket commerce.

Client spending, which rebounded final fiscal 12 months to pre-pandemic ranges attributable to a shift to hybrid working fashions, has stayed robust with Accenture reporting strong bookings of $16.8 billion within the reported quarter, up 30% from a 12 months earlier.

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“This is the direct results of having executed for years a technique to rotate our enterprise to digital, cloud and security,” Accenture Chief Executive Officer Julie Sweet stated.

Analysts count on investments in these segments by the corporate, which employed 50,000 folks in the course of the quarter, to generate long-term advantages and assist it compete higher with friends Cognizant (NASDAQ:) and Infosys (NYSE:) for market share in a booming sector.

This robust industry-wide progress will seemingly be sustainable, because the pandemic helped create a multi-year IT spending cycle, Wedbush Securities analyst Moshe Katri stated.

Shares of the Dublin, Ireland-based firm have outperformed the this 12 months, because of elevated spending on digitization and cloud adoption.

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Accenture now expects full-year revenue to develop between 19% and 22% from 12% to fifteen% forecast earlier.

Revenue for the quarter ended Nov. 30 jumped 27% to $14.97 billion, in contrast with analysts’ common estimate of $14.19 billion, based on Refinitiv IBES information.

Accenture stated it expects current-quarter revenue between $14.30 billion and $14.75 billion, in contrast with analysts’ common estimate of $14.09 billion.

The firm earned $2.78 per share in the course of the first quarter. Analysts had anticipated a revenue of $2.63 per share.

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