Shares of IT companies plummeted by up to 6 per cent on the National Stock Exchange (NSE) in Friday's intraday trade, a day after Accenture slashed its full-year revenue growth guidance from 2-5 per cent to 1-3 per cent and dealt a blow to hopes of a recovery in the sector in 2024-25.
The Nifty IT index, the only sectoral index to suffer a loss on Friday, closed more than 2 per cent down, contrasting with a 0.4 per cent rise in the Nifty50 index. The IT index had slipped nearly 4 per cent in intraday trade.
Accenture reported Q2FY24 revenue of $15.8 billion, a figure that remained flat on-year (Y-o-Y) in constant currency (CC), and down 2.6 per cent sequentially. This was in line with company guidance and Bloomberg consensus estimate. However, its weak Q3 revenue growth guidance and lowered FY24 guidance both missed Bloomberg consensus expectations. The NYSE-listed company follows a September-August financial year.
Analysts and industry players had been hopeful of an uptick in growth in 2024-25. However, with Accenture's revenue growth guidance cut and soft growth in managed services, it appears that prospective clients are still holding back on spending.
Diese Geschichte stammt aus der March 23, 2024-Ausgabe von Business Standard.
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Diese Geschichte stammt aus der March 23, 2024-Ausgabe von Business Standard.
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