Accenture Reports $16.2 bn in Q1 Revenues for Fiscal 2024

Accenture, a global leader in technology and consulting services, has disclosed its financial performance for the first quarter of fiscal 2024, ended on November 30, 2023, with revenues totaling $16.2 billion. This marks a 3 percent increase in revenue from the corresponding period.
Accenture business ITAccenture has highlighted the growing interest in artificial intelligence (AI), noting new generative AI bookings surpassing $450 million. Companies are embracing experimentation with AI technologies, reflecting an evolving trend in expenditure.

Julie Sweet, Chair and CEO of Accenture, emphasized the strength of client relationships, citing 30 clients with quarterly bookings exceeding $100 million. Julie Sweet underscored the company’s continued leadership in Gen AI, describing it as a potent catalyst for reinvention.

Accenture did not reveal the contribution of revenue from IT service companies it acquired in the recent quarters.

Despite the substantial revenue, Accenture’s operating income for the first quarter of fiscal 2024 amounted to $2.56 billion, a slight decline from $2.59 billion recorded in the same quarter of fiscal 2023. The operating margin also experienced a marginal decrease, standing at 15.8 percent compared to 16.5 percent in the prior year’s first quarter.

Breakdowns of the revenue streams revealed consulting revenues holding steady at $8.46 billion, while Managed Services revenues surged by 6 percent to reach $7.77 billion.

Geographically, North America contributed $7.56 billion in revenue, representing a modest decrease of 1 percent. Meanwhile, the European, Middle Eastern, and African (EMEA) region reported a robust increase of 9 percent, reaching $5.80 billion. Revenue from Growth Markets also showed promise with a 2 percent increase to $2.86 billion.

Further categorization showcased varying trends across industry segments: Communications, Media & Technology witnessed a 10 percent decline to $2.67 billion, whereas Financial Services marked a 2 percent increase at $3.03 billion. Health & Public Service notably surged by 13 percent to $3.38 billion, while Products and Resources saw respective increases of 4 percent ($4.86 billion) and 7 percent ($2.28 billion).

Looking ahead, Accenture anticipates revenues in the range of $15.40 billion to $16.00 billion for the second quarter of fiscal 2024, translating to a potential negative 2 percent to 2 percent variance in local currency, indicative of anticipated market fluctuations and potential challenges ahead.

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