Accenture projects strong revenue growth driven by AI and cloud services, shares soar 10%

From NASDAQ: 2024-06-20 12:32:44

Accenture projects strong revenue growth for 2024, driven by AI adoption and cloud migration. Third-quarter revenue hits $16.47 billion, slightly below estimates. New bookings reach $21.06 billion, reflecting growing demand for AI services. Shares soar 10% on positive outlook, despite market uncertainty and interest rate pressures.

Accenture CEO cites “GenAI” as a key driver of cost savings and increased productivity for businesses. Annual revenue growth expected to range between 1.5% and 2.5%. Company flags a 0.7% negative impact from foreign exchange for the fiscal year. Strong focus on AI and cloud services positions Accenture for continued growth and success in evolving market landscape.

The company’s strong performance in AI-related bookings underscores its relevance in the technology-driven market. As businesses prioritize AI investment for efficiency, Accenture’s expertise and service offerings make it a vital partner for organizations navigating digital transformation. Adjusted profit per share of $3.13 falls slightly below estimates, but strategic focus on AI and cloud sets the stage for future success.



Read more at NASDAQ: Strong AI Demand Drives Accenture’s Upbeat Revenue Projections