Accenture posts $18.7B revenue, trims forecast and shares fall 17%
Accenture pulled in $18.7 billion in revenue this quarter, a 6% jump from last year, but still missed what Wall Street was hoping for.
CEO Julie Sweet pointed to ongoing Middle East conflicts and slower decisions in Europe as reasons for a $100 million dip.
Because of these challenges, Accenture lowered its full-year growth forecast to 3% to 4%.
Consulting and managed services both saw modest growth, but investors weren't thrilled, sending shares down 17%.
Accenture spent $4.18B on cybersecurity firms
Asia-Pacific led the company's regional growth with an 8% rise, while Europe, the Middle East and Africa, and the Americas lagged behind.
Accenture also spent approximately $4.18 billion snapping up cybersecurity firms like Dragos, runZero and NetRise to stay ahead in tech.
These moves shook up the market: shares of rivals like Cognizant and Infosys also dropped.
Meanwhile, experts say Indian IT firms haven't felt much impact yet but need to focus on modernization to keep up with global shifts.