Accenture stock falls after profit and revenue beat expectations but outlook was downbeat

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Shares of Accenture PLC ACN, -1.78% dropped 0.9% toward an 18-month low in premarket trading Thursday, after the consulting company reported fiscal fourth-quarter profit and revenue that topped expectations but provided a downbeat outlook. Net income for the quarter to Aug. 31 rose to $1.67 billion, or $2.60 a share, from $1.42 billion, or $2.20 a share, in the year-ago period. The FactSet consensus for earnings per share was $2.57. Revenue grew 14.9% to $15.42 billion, above the FactSet consensus of $15.39 billion, with revenue growth in U.S. dollars of 18% in North America, 12% in Europe and 13% in growth markets. The impact on revenue of foreign currency translation was negative 7.5%. New bookings increased 22% to $18.4 billion. Looking ahead, the company expects first-quarter revenue of $15.20 billion to $15.75 billion, below the FactSet consensus of $16.17 billion, and fiscal 2023 EPS of #11.09 to $11.41, below expectations of $11.93. The stock has slumped 36.0% year to date through Wednesday, while the S&P 500 SPX, -1.71% has shed 20.5%.

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