Accenture cuts growth forecast to 3% to 4%, Infosys falls
Business
Infosys's US shares dropped 4.4% in early trading Thursday, after Accenture cut its annual revenue growth forecast from 3% to 5% down to 3% to 4%.
That move rattled global IT stocks (Wipro and Cognizant also saw declines) as investors reacted to the more cautious outlook.
Accenture Q3 revenue $18.7B
Accenture's Q3 revenue grew 5.6% to $18.7 billion, though it just missed Wall Street expectations.
Bookings fell by nearly 2%, hinting at slower demand for managed services.
Still, the company is seeing solid interest in big tech transformations, especially around AI, with a jump in major client deals and improved profit margins this year.