BENGALURU: IT services provider Accenture on Thursday cut its FY24 revenue forecast as clients curb spending on consulting services due to economic uncertainty. It now expects full-year revenue growth of 1% to 3% from its earlier forecast of 2% to 5%.
The company reported revenues for the second quarter (December-February) of FY24 at $15.80 billion, compared with $15.81 billion for the same period last year. Revenues were slightly above the midpoint of the company’s guided range of $15.40 billion to $16.00 billion.
Its GAAP operating income was $2.05 billion, compared to $1.94 billion for the second quarter of fiscal 2023, and operating margin was 13.0% compared to 12.3% for the second quarter last year. Julie Sweet, chair and CEO, Accenture, said, “In an uncertain macro environment, we remain the trusted partner to our clients for reinvention with a record 39 clients with quarterly bookings of over $100 million.
We also extended our early lead in generative AI with $1.1 billion in new bookings in the first half of the year.” “We are investing to serve the needs of our clients and expand our growth opportunities with $2.9 billion of capital deployed in the first half in strategic acquisitions,” she added.