Why Is Accenture Stock Falling Today?
Portfolio Pulse from Anusuya Lahiri
Accenture Plc (ACN) reported Q2 fiscal 2024 sales of $15.80 billion, slightly missing consensus estimates but within its guided range. Adjusted EPS of $2.77 beat estimates. The company saw mixed revenue performance across its segments, with a notable decline in Communications, Media & Technology revenue. Accenture announced a quarterly dividend of $1.29 per share and provided a Q3 FY24 revenue outlook below consensus estimates. The company also revised its fiscal 2024 adjusted EPS and revenue growth forecasts downwards. Despite a 35% gain in the last 12 months, ACN shares fell 8.75% following the announcement. Investors can also gain exposure to ACN through SXQG and BCUS ETFs.
March 21, 2024 | 5:05 pm
News sentiment analysis
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NEGATIVE IMPACT
Accenture's Q2 fiscal 2024 results showed a slight miss on sales but beat EPS estimates. The company revised its fiscal 2024 forecasts downwards, leading to an 8.75% drop in its stock price.
The slight miss on sales expectations, combined with the downward revision of fiscal 2024 forecasts, likely contributed to negative investor sentiment, resulting in the stock price drop.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
Exchange Listed Funds Trust Bancreek U.S. Large Cap ETF (BCUS) includes Accenture in its holdings, which saw an 8.75% decrease in stock price after its Q2 fiscal 2024 earnings.
Given BCUS's exposure to Accenture, the notable decline in ACN's stock price following the earnings announcement may have a short-term negative impact on the ETF.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 50
NEGATIVE IMPACT
ETC 6 Meridian Quality Growth ETF (SXQG) offers exposure to Accenture stock, which experienced an 8.75% drop following its Q2 fiscal 2024 earnings report.
As SXQG provides exposure to Accenture, the significant drop in ACN's stock price following its earnings report could negatively impact the ETF's performance in the short term.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 50