COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION

(CTSH)
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Delayed Nasdaq  -  05/27 04:00:00 pm EDT
74.73 USD   +2.74%
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Accenture revenue forecast tops estimates on cloud, security services demand

12/16/2021 | 06:57am EDT
FILE PHOTO: Illustration shows a smartphone with displayed Accenture PLC logo

Dec 16 (Reuters) - IT consulting firm Accenture Plc forecast better-than-expected second-quarter revenue on Thursday, as more clients seek its cloud and security services, sending its shares up more than 10% in premarket trade.

Client spending, which rebounded last fiscal year to pre-pandemic levels due to a shift to hybrid working models, has stayed strong with Accenture reporting robust bookings of $16.8 billion in the reported quarter, up 30% from a year earlier.

"This is the direct result of having executed for years a strategy to rotate our business to digital, cloud and security," Accenture Chief Executive Officer Julie Sweet said.

Analysts expect investments in these segments by the company, which hired 50,000 people during the quarter, to generate long-term benefits and help it compete better with peers Cognizant and Infosys for market share in a booming sector.

This strong industry-wide growth will likely be sustainable, as the pandemic helped create a multi-year IT spending cycle, Wedbush Securities analyst Moshe Katri said.

Shares of the Dublin, Ireland-based company have outperformed the S&P 500 Index this year, thanks to increased spending on digitization and cloud adoption.

Accenture now expects full-year revenue to grow between 19% and 22% from 12% to 15% forecast earlier.

Revenue for the quarter ended Nov. 30 jumped 27% to $14.97 billion, compared with analysts' average estimate of $14.19 billion, according to Refinitiv IBES data.

Accenture said it expects current-quarter revenue between $14.30 billion and $14.75 billion, compared with analysts' average estimate of $14.09 billion.

The company earned $2.78 per share during the first quarter. Analysts had expected a profit of $2.63 per share. (Reporting by Chavi Mehta in Bengaluru; Editing by Vinay Dwivedi)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ACCENTURE PLC 4.32% 304.15 Delayed Quote.-26.63%
COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION 2.74% 74.73 Delayed Quote.-18.01%
INFOSYS LIMITED 2.63% 1461.35 Delayed Quote.-24.57%
WISDOMTREE CLOUD COMPUTING UCITS ETF - ACC - USD 3.35% 30.115 Delayed Quote.-41.86%
All news about COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION
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Financials (USD)
Sales 2022 20 053 M - -
Net income 2022 2 365 M - -
Net cash 2022 2 665 M - -
P/E ratio 2022 16,1x
Yield 2022 1,46%
Capitalization 37 910 M 37 910 M -
EV / Sales 2022 1,76x
EV / Sales 2023 1,56x
Nbr of Employees 340 400
Free-Float 99,9%
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Number of Analysts 26
Last Close Price 72,74 $
Average target price 90,83 $
Spread / Average Target 24,9%
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Managers and Directors
Brian J. Humphries Chief Executive Officer & Director
Jan Siegmund Chief Financial Officer
Michael Patsalos-Fox Chairman
Lawrence Wieser Chief Administrative Officer
Maureen A. Breakiron-Evans Independent Director
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