Accenture results revealed

Irish-American professional services company, Accenture plc (NYSE: ACN), announced Q1 FY24 financial results before the opening bell in the US on Tuesday.

The company reported revenue of $16.224 billion for the three months that ended on 30/11/23, which was narrowly above analyst estimate of $16.169 billion.

Earnings per share (EPS) reached $3.27 per share vs. $3.144 per share expected.

Revenue and EPS for the quarter were up by 3% and 6.1% year-over-year, respectively.

Company overview

• Founded: 1989
• Headquarters: Dublin, Ireland
• Number of employees: 733,000 (2023)
• Industry: Professional services, information technology consulting
• Key people: Julie Sweet (Chair and CEO)

CEO commentary

‘I am pleased that we delivered on our commitments this quarter while strategically investing at scale for future growth. Our deep and trusted client relationships are again reflected in the 30 clients with quarterly bookings of more than $100 million. And we continue to lead our industry in Gen AI – the great accelerator of reinvention – with over $450 million in new bookings. I am incredibly grateful to the 743,000 people of Accenture, who are steadfastly dedicated to helping our clients achieve their ambition to grow and thrive in the years ahead,’ CEO of the Dublin based company, Julie Sweet, said in a letter to shareholders.

Stock reaction

The stock was pretty much flat on Tuesday after the latest results were announced.

Shares were down by 0.10%, trading at $341.52 a share.

Stock performance

• 1 month: +3.33%
• 3 months: +7.54%
• Year-to-date: +27.88%
• 1 year: +30.30%

Accenture stock price targets

• Wedbush: $360
• Redburn Atlantic: $410
• UBS Group: $333
• Robert W. Baird: $322
• TD Cowen: $300
• Piper Sandler: $300
• BMO Capital Markets: $350
• Royal Bank of Canada: $340
• Citigroup: $358
• Morgan Stanley: $356
• Barclays: $390
• JP Morgan: $341

Accenture plc is the 47th largest company in the world with a market cap of $213.99 billion.

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Sources: Accenture plc, TradingView, MarketWatch, Benzinga, CompaniesMarketCap