IT consulting firm Accenture raised its full-year revenue forecast on Thursday, betting on strong demand for its digital, cloud and security services from businesses looking to strengthen their operations as they shift to hybrid working models.
Julie Sweet, Accenture’s chief executive officer, said: “Our outstanding financial results reflect our continued momentum driven by the demand for digital transformation, the depth and breadth of our client relationships with the world’s leading companies.”
Accenture promoted a record 117,000 people, including almost 1,200 managing directors so far this fiscal year in recognition of their leadership, excellence and commitment to creating value for clients, people, shareholders, partners and communities.
Revenues by Geographic Market
North America: $6.20 billion (+18 percent)
Europe: $4.45 billion (+25 percent)
Growth Markets: $2.61 billion (+20 percent)
Revenues by Industry Group
Communications, Media & Technology: $2.70 billion (+23 percent)
Financial Services: $2.60 billion (+21 percent)
Health & Public Service: $2.52 billion (+25 percent)
Products: $3.67 billion (+22 percent)
Resources: $1.77 billion (+8 percent)
The company, which has clients across industries including health and financial services, announced 39 acquisitions for the fiscal year to date to ramp up its digital offerings and cater to businesses that were scrambling to switch to the cloud during the pandemic.
Analysts say that the demand for IT consulting services is at a 20-year high and is likely to stay elevated, as businesses across sectors depend on companies such as Accenture and its peers to adapt to a new hybrid work model.
Ireland-based company forecast full-year revenue growth in the range of 10 percent-11 percent, from its previous outlook range of 6.5 percent-8.5 percent.
Total new bookings in the third quarter ended May 31 rose 39 percent to $15.4 billion.
Revenue rose to $13.3 billion in the third quarter of fiscal 2021 from $11 billion a year earlier.
Quarterly net income rose to $1.55 billion or $2.40 per share from $1.23 billion or $1.90 per share a year earlier.