Accenture's business grows at pre-pandemic levels, raises revenue forecast

For the second quarter, the company reported a record $16 billion in total new bookings, up 13% from a year earlier.

By:REUTERS
| Updated on: Aug 21 2022, 15:46 IST
Revenue rose 8.5% to $12.09 billion in the quarter ended Feb. 28, compared with analysts' estimates of $11.83 billion. REUTERS/Albert Gea/Files
Revenue rose 8.5% to $12.09 billion in the quarter ended Feb. 28, compared with analysts' estimates of $11.83 billion. REUTERS/Albert Gea/Files (REUTERS)

IT consulting firm Accenture said on Thursday it has bounced back to pre-pandemic growth levels and raised its full-year revenue forecast as more businesses use its digital services to shift operations to the cloud.

The company's shares rose 4.1% to $275.05 in premarket trading.

After the COVID-19 pandemic forced companies to expedite their move to the cloud, Accenture doubled down on its digital services by aggressively investing in the technology.

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The company, which has clients across industries, including health and financial services, acquired a number of cloud-focused ventures during the second quarter.

"We have returned to overall pre-pandemic growth ahead of expectations while continuing to take market share faster than before the pandemic," Accenture Chief Executive Officer Julie Sweet said.

"The return in demand to pre-pandemic levels is a trend reported by many other IT services companies ... all of these companies have a strong presence in digital (organic or via acquisitions)," Wedbush analyst Moshe Katri said.

Accenture now expects full-year revenue to grow between 6.5% and 8.5% in local currency, compared to its previous outlook of 4% to 6%. Analysts had expected full-year revenue of $47.83 billion, according to IBES data from Refinitiv.

Revenue rose 8.5% to $12.09 billion in the quarter ended Feb. 28, compared with analysts' estimates of $11.83 billion.

On an adjusted basis, Accenture earned $2.03 per share, beating expectations of $1.90 per share.

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First Published Date: 19 Mar, 08:04 IST
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