IT services provider Accenture has lowered its revenue forecast for fiscal year 2024 due to economic uncertainty causing clients to cut back on consulting services spending.
As per Moneycontrol report, the revised outlook, announced on June 20, predicts full-year revenue growth between 1.5% and 2.5%, down from the previous forecast of 2% to 5%.
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Accenture's financial year runs from September to August. Despite the lowered forecast, the company's shares rose over 6.5% in premarket trading on the New York Stock Exchange.
The MC report further adds that Accenture's performance is often seen as an indicator for the Indian IT industry, suggesting potential trends for Indian IT companies.
The first quarter earnings season for fiscal year 2024-25 begins on July 11, starting with Tata Consultancy Services TCS.