Accenture shares fall 57%, CEO Julie Sweet backs AI
Business
Accenture's stock has dropped 57% since 2021, wiping out $150 billion.
The company is feeling the heat from AI, which is changing how consulting works and making investors nervous, especially with Accenture's big offshore teams in places like India.
Still, CEO Julie Sweet is putting her faith in AI to spark new growth.
Accenture agrees to buy Faculty
To stay ahead, Accenture has agreed to buy British AI startup Faculty and teamed up with Google Cloud. They're also encouraging employees to use AI at work.
But analysts expect a 6% dip in new bookings and only slight revenue growth for the last quarter.
All eyes are on the next earnings report to see if these moves actually pay off.