Accenture shares tumble nearly 20% after results miss, outlook lowered
Accenture just saw its stock tumble nearly 20% after reporting quarterly results that didn't quite meet what Wall Street was hoping for.
Even though revenue grew to about $18.7 billion, it still fell short of forecasts.
The company also reported fewer new bookings and lowered its outlook for the year, citing macroeconomic uncertainty and geopolitical disruptions, particularly in the Middle East.
Julie Sweet defends Accenture AI strategy
CEO Julie Sweet is sticking to Accenture's big bet on artificial intelligence, saying this is just the start of a long-term transformation as clients shift from testing AI to actually using it in real projects.
She's confident their AI-driven "reinvention services" will pay off over time, but investors remain cautious with slower returns and an unpredictable economy in play.