Accenture forecasts Q2 revenue below estimates on muted IT spending
IT services provider Accenture forecast second-quarter revenue below Wall Street targets on Tuesday, anticipating cautious spending by clients as macroeconomic uncertainty remains an overhang. Accenture's revenue from the communications, media & technology industry group fell 10% in the first quarter, while sales from North America, the company's biggest market, fell 1%, to $7.56 billion. Tata Consultancy Services, India’s No.1 IT services exporter, reported weaker-than-expected quarterly results in October, while Infosys cut the upper end of its annual revenue forecast, as clients were still hesitant to spend on discretionary projects. The firm reiterated its fiscal 2024 forecasts for revenue growth and profit as it expects large digital transformation deals to materialize in its results in the "back half of our year".
Infosys, TCS, Wipro to HCL Tech: IT stocks rise after strong Accenture earnings
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