Why IT Company Accenture's Shares Are Falling Today
Portfolio Pulse from Lekha Gupta
Accenture's Q4 FY23 results have led to a 5% drop in its share price. The company reported a 4% Y/Y revenue growth to $15.98 billion, missing the consensus of $16.07 billion. Consulting revenues decreased by 2% Y/Y, while Managed Services revenues increased by 10% Y/Y. New bookings fell 10% Y/Y. The company raised its quarterly dividend per share by 15% and repurchased 3.2 million shares for $1.0 billion in Q4. For FY24, Accenture expects revenue growth of 2%-5% and to return at least $7.7 billion through dividends and share repurchases.
September 28, 2023 | 12:36 pm
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Accenture's shares have fallen following its Q4 FY23 results. The company missed revenue consensus, but raised its quarterly dividend and repurchased shares. It expects a 2%-5% revenue growth for FY24.
Accenture's shares have fallen due to its Q4 FY23 results missing the revenue consensus. However, the company has raised its quarterly dividend and repurchased shares, which could potentially attract investors. The company's outlook for FY24, expecting a 2%-5% revenue growth, could also influence its stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100