Accenture beats earnings estimate but shares dip

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Accenture Plc ACN, -5.92% shares fell 2.5% in premarket trades Friday, despite beating its earnings and revenue targets. Accenture said its fiscal first-quarter earnings rose to $2 billion, or $3.08 a share, from $1.82 billion, or $2.78 a share, in the year-ago quarter. Revenue rose 5% to $15.7 billion. Wall Street analysts expected Accenture to earn $2.92 a share on revenue of $15.58 billion, according to consensus estimates compiled by FactSet. Looking ahead, Accenture said it expects second-quarter revenue of $15.2 billion to $15.75 billion, compared to the analyst view of $15.62 billion. For fiscal 2023, Accenture raised its earnings per share estimate to a range of $11.20 a share to $11.52 a share, compared to the analyst estimate of $11.41 a share. The company’s earlier 2023 profit projection was $11.09 a share to $11.41 a share. Accenture continues to expect revenue growth of 8% to 11% for 2023.

This article was originally published by Marketwatch.com. Read the original article here.

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