Accenture Slumps as Wall Street Pulls Back on IT Spending
- Customers limit spend on short-term projects, delay decisions
- Bookings tied to generative AI have soared in recent months
This article is for subscribers only.
Accenture Plc shares tumbled the most in four years after the company lowered its revenue outlook and warned it’s seen financial services customers pull back their spending on its software.
The technology giant said it now expects revenue for its fiscal 2024 year to climb as much as 3%, which is down from an earlier forecast that revenue would climb as much as 5%, according to a statement. The move came as revenue tied to its financial services business declined 6% to $2.8 billion.