The IT services behemoth Accenture plc (ACN) posted yet another strong quarter

On June 23, ACN released its third-quarter earnings results. Revenue at the IT services behemoth increased 22% year on year (27% in local currency terms) to $16.2 billion, above analyst's projections by $200 million.
 
CENTRAL, Hong Kong - July 12, 2022 - PRLog -- Its net income increased 15% to $1.79 billion, or $2.79 per share, but fell $0.04 per share, just shy of the average estimate. It ascribed the shortfall mostly to a $0.15-per-share effect from the closure of its Russian operations. ACN's headline stats appeared to be excellent but the company's shares scarcely moved following the announcement.

ACN serves five major markets: communications, media and technology (which accounted for 21% of its third-quarter revenue); financial services (19%); health and public services (18%); products (28%) and resources (28%).

ACN's growth slowed in fiscal 2020 (which concluded in August of the calendar year) as its clients reduced their IT investment amid the pandemic's start. However, when those barriers faded in a post-lockdown market, the business enjoyed double-digit revenue growth over the last five quarters.

While the conference call is ongoing, CEO Julie Sweet stated that "five factors that our customers must harness over the next decade" will drive CAN's long-term success, notably "complete business reinvention, talent, sustainability, the Metaverse continuum and the ongoing tech revolution."

ACN's recent growth, according to Sweet, is primarily due to two of these forces: total enterprise reinvention, which revolves around digitally transforming "every part of every business" for operational efficiency and talent, in which it assists companies in hiring and nurturing new employees. Sweet stated that the "common theme" for Accenture's business moving ahead is that its clients will seek its services to "effectively employ technology to achieve their goals."

ACN anticipates that momentum will continue through the end of the year. As a result, it increased its full-year revenue projection in local currency terms from 24% to 26%. Currency headwinds are expected to limit reported growth by roughly 4.5% in US dollars.

For more latest news in US Stock Market, you may also visit us at Millennium Capital Management (Hong Kong) Limited through our website https://millenniumcapitalmgmt.com/ or contact us via email.

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