Business

Accenture revenue forecast tops estimates for security, cloud service demand

FILE PHOTO: Illustration showing a smartphone with the Accenture PLC logo displayed
FILE PHOTO: The Accenture PLC logo is seen on a smartphone in front of the same display logo in this illustration taken, December 1, 2021. REUTERS / Dado Ruvic / Artwork / File Photo

December 16, 2021

(Reuters) – IT consulting firm Accenture Plc forecast better-than-expected second-quarter revenue on Thursday after the company’s first-quarter revenue jumped 27%, fueling a wave of digital transformation. with many customers looking for corporate security and cloud services.

Customer spending, which rebounded last fiscal year to pre-pandemic levels as a result of the shift to hybrid working models and boosted Accenture’s revenue by 14%, remains high.

Accenture stock is up about 42% this year, outperforming the S&P 500 Index, thanks to increased spending on digitization and cloud adoption.

The company has been actively investing in cloud, digital and security services to capitalize on the digitalization trend, with analysts saying this bodes well for Accenture as it competes with Cognizant and Infosys to gain market share in a booming field.

Revenue for the quarter ended November 30 was $14.97 billion, compared with the median analyst estimate of $14.19 billion, according to Refinitiv IBES data.

Accenture said it expects current-quarter revenue of $14.30 billion to $14.75 billion, compared with the median analyst estimate of $14.09 billion.

(Reporting by Chavi Mehta in Bengaluru; Editing by Vinay Dwivedi)

https://www.oann.com/accenture-revenue-forecast-tops-estimates-on-cloud-security-services-demand/?utm_source=rss&utm_medium=rss&utm_campaign=accenture-revenue-forecast-tops-estimates-on-cloud-security-services-demand Accenture revenue forecast tops estimates for security, cloud service demand

Bobby Allyn

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