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Accenture forecasts first-quarter revenue below estimates

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By Reuters

(Reuters) – Accenture Plc <ACN.N> forecast first-quarter revenue below analysts’ estimates on Thursday on a stronger dollar, overshadowing a quarterly profit beat and sending its shares down 3% in premarket trading.

The IT consulting and outsourcing services provider is exposed to currency fluctuations as it serves clients in more than 120 countries. It has also flagged the possibility of U.S.-China trade war hurting its business.

Accenture forecast first-quarter revenue in the range of between $10.9 billion (8.85 billion pounds) and $11.2 billion, below the average analyst estimate of $11.26 billion, according to IBES data from Refinitiv.

Net income attributable to the company rose to $1.13 billion, or $1.74 per share, in the fourth quarter ended August 31, from $1.03 billion, or $1.58 per share, a year earlier.

Analysts on average had expected a profit of $1.71 per share.

Revenue rose to $11.06 billion from $10.50 billion, but missed the average estimate of $11.08 billion.

(Reporting by Munsif Vengattil in Bengaluru; Editing by Saumyadeb Chakrabarty)