Accenture:Q1 Result better than expectation
Accenture, a global professional services company, has reported strong results for the first quarter of the fiscal year 2023, beating revenue estimates and providing a positive outlook for Indian IT companies. The company's revenue for the quarter came in at $15.7 billion, at the upper end of its guidance range of $15.2 to $15.75 billion. This marks a 5% increase from the previous year and includes new bookings of $16.2 billion, with $8.1 billion for both consulting and managed services. While Accenture's revenue from North America saw a year-over-year increase of 10% to $7.62 billion, revenue from Europe declined by 0.5% to $5.07 billion. These results are particularly significant because Accenture's fiscal year follows a September to August timeline, meaning that its earnings are released before those of India's major IT companies. This often serves as an indicator of how the results of these companies are expected to turn out. Additionally, a significant number of A...