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Accenture forecasts 2024 revenue growth above estimates on AI demand

Economic Times

Economic Times · 1y ago

Accenture forecasts 2024 revenue growth above estimates on AI demand

IT services provider Accenture reported better-than-expected annual revenue growth, driven by the increasing adoption of artificial intelligence. The company's generative AI technologies are helping businesses automate processes, boost productivity, and reduce costs. Additionally, Accenture's expertise as a consultant and outsourcing service provider for cloud migration has helped offset the impact of IT budget cuts. The company's annual revenue is projected to grow between 1.5% and 2.5%, surpassing analysts' expectations. In the quarter ended May 31, Accenture's revenue stood at $16.47 billion, and it reported a profit of $1.93 billion. Quarterly new bookings were valued at $21.06 billion.

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Accenture cuts FY24 earning forecast over uncertain consulting revenues

Livemint

Livemint · 1y ago

Accenture cuts FY24 earning forecast over uncertain consulting revenues

Accenture, the IT services provider, has reduced its revenue forecast for fiscal year 2024 due to clients cutting back on spending on consulting services amid an uncertain economy. The company now expects full-year revenue growth of 1% to 3%, down from the previous forecast of 2% to 5%. Accenture has been facing sluggish demand and laying off employees as a result. Industry analysts suggest it may take a few more years for the company to return to mid- to high-single-digit growth. Third-quarter revenue is also predicted to be below estimates.

Accenture beats third-quarter revenue estimates

Economic Times

Economic Times · 28d ago

Accenture beats third-quarter revenue estimates

Accenture surpassed Wall Street forecasts for third-quarter revenue, posting $17.7 billion, exceeding the anticipated $17.30 billion. Driving this success was the increased demand for its AI-driven services among enterprise customers.

Accenture warns of first-quarter revenue below estimates

Livemint

Livemint · 1y ago

Accenture warns of first-quarter revenue below estimates

Accenture reported its Q4 revenue of $16 billion, slightly below estimates of $16.08 billion. The company also announced a first-quarter revenue forecast below Wall Street targets, citing high inflation and interest rate pressures. Accenture expects Q1 revenue of $15.85 billion to $16.45 billion, while analysts forecast $16.43 billion. Furthermore, the company's fiscal 2024 adjusted earnings per share guidance fell short of estimates. Accenture shares fell nearly 5% after the announcement.

Cisco raises annual revenue forecast as AI boom boosts networking gear demand

Economic Times

Economic Times · 5m ago

Cisco raises annual revenue forecast as AI boom boosts networking gear demand

Cisco Systems has raised its annual revenue forecast, driven by increased demand for its cloud networking gear amid the AI boom. This surge is attributed to corporate investments in AI infrastructure, using Cisco products like ethernet switches and routers. The company partnered with French AI firm Mistral and launched Cisco AI Defense to enhance its AI offerings. Furthermore, Cisco expanded its share buyback program and forecasts significant revenue growth for fiscal 2025, surpassing previous estimates.

Freshworks lifts annual revenue, profit forecast on steady demand for AI software

Economic Times

Economic Times · 2m ago

Freshworks lifts annual revenue, profit forecast on steady demand for AI software

Freshworks has raised its annual revenue and profit forecasts beyond Wall Street expectations due to increased demand for AI-driven software services. As businesses digitize operations, there is a surge in dependence on AI-powered products for IT services and workflow automation, benefiting Freshworks. The company now projects full-year 2025 revenue between $815.3 million and $824.3 million, exceeding previous estimates, with analysts predicting $813.3 million. Freshworks serves over 72,000 clients, including major companies like American Express and Sony.

Domestic growth engines remain strong, could help keep economic growth close to 6.5% this fiscal

Business Today

Business Today · 3m ago

Domestic growth engines remain strong, could help keep economic growth close to 6.5% this fiscal

India's economy is projected to achieve close to 6.5% GDP growth despite global trade tensions, driven by strong domestic demand and factors such as a forecasted normal monsoon, decreasing inflation, and lower crude oil prices. The Reserve Bank of India and the Economic Survey 2024-25 support optimistic growth forecasts. Although Fitch Ratings slightly reduced growth estimates due to trade war concerns, overall domestic economic conditions remain positive, with potential buoyant rural consumption due to favorable weather predictions.

Cisco beats earnings expectations as AI spurs networking gear demand

Economic Times

Economic Times · 8m ago

Cisco beats earnings expectations as AI spurs networking gear demand

Cisco Systems exceeded expectations in its first-quarter results, driven by increasing demand for its networking gear in the midst of the AI boom. The company predicts higher quarterly revenue and profit than anticipated, thanks to investments in AI technologies that require data centers utilizing Cisco's products. To diversify its business, Cisco aims to reduce reliance on its networking equipment division by focusing on areas such as cybersecurity, cloud systems, and AI-driven products. Despite facing supply chain issues and a downturn in demand, the company completed its acquisition of Splunk, enhancing its software business and cybersecurity capabilities. The company expects second-quarter revenue to surpass estimates, along with a rise in adjusted profit per share. Cisco forecasts annual revenue and adjusted profit within an optimistic range.

TSMC's third-quarter revenue easily beats market forecast

Economic Times

Economic Times · 9m ago

TSMC's third-quarter revenue easily beats market forecast

- TSMC reported third-quarter revenue of T$759.69 billion ($23.62 billion), surpassing market and company forecasts. - The growth in revenue represents a year-on-year increase of 36.5%. - TSMC's AI demand has played a significant role in its revenue growth. - The company's customers include major tech companies like Apple and Nvidia. - TSMC's stock has seen a 72% increase this year, outperforming the broader market. - TSMC will release its full third-quarter earnings and provide an outlook on October 17th.

Broadcom sees revenue below estimates on weak enterprise spending

Economic Times

Economic Times · 1y ago

Broadcom sees revenue below estimates on weak enterprise spending

Chipmaker Broadcom expects its annual revenue to be below Wall Street estimates due to weak enterprise spending and competition following its acquisition of VMware. In fiscal 2024, Broadcom forecasts revenue of $50 billion, lower than the expected $52.50 billion. The company plans to divest VMware's non-core businesses and projects an annual adjusted EBITDA of around 60% of projected revenue, approximately $30 billion. Analysts are concerned about Broadcom's revenue moderation, impact from Cisco Systems' slowdown, and competition from Nvidia. In Q4, Broadcom's revenue was $9.30 billion but beat profit estimates with $11.06 per share.

Chip tech provider Arm forecasts first-quarter revenue below estimates

Economic Times

Economic Times · 2m ago

Chip tech provider Arm forecasts first-quarter revenue below estimates

Arm Holdings' forecasts for the first quarter fall below Wall Street estimates amid global trade tensions impacting its chip architecture revenue used in smartphones and data centers. Despite beating fourth-quarter revenue expectations, Arm offered cautious forecasts due to US tariffs and semiconductor curbs affecting the outlook. Arm's shares fell over 8% after the forecast. CEO Rene Haas cited macroeconomic factors and licensing deal uncertainties as reasons for cautious guidance, despite ongoing growth in chip royalties.

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