Accenture has released its Q4 financial results, which have proven to be lackluster. The company reported revenues that were in line with expectations but indicated a challenging quarter overall. Margins took a hit, declining by 270 basis points year-over-year (YoY), while free cash flow amounted to $3.2 billion.
However, the most concerning aspect was the significant drop in new bookings, which plummeted from $18.4 billion YoY to just $16.6 billion.
Adding to the disappointment, Accenture provided a gloomy outlook for FY24, anticipating slow revenue growth in the range of 2-5% when measured in US dollars, amounting to a range of $15.85 billion to $16.45 billion.
These underwhelming results and cautious projections from Accenture may have a ripple effect on the global IT market, potentially affecting the performance of IT giants like Infosys and TCS, especially in the Indian context. Given the recent challenges in our market, the impact of Accenture’s results on today’s trading is eagerly anticipated.