Accenture has lowered its full-year growth guidance, citing challenging demand conditions that show little sign of imminent recovery for the IT services sector.
The global consulting and services firm reported second-quarter revenue of $18.7 billion, representing a 5.6% increase year-on-year in dollar terms and a 3% rise in local currency.
Accenture shares suffered their steepest single-day decline in nearly nine years, tumbling approximately 18% to reach valuation levels not seen since 2017.
While the quarterly performance landed at the midpoint of its previous guidance range, the decision to trim the annual outlook underscores the fragility of current enterprise spending patterns.
The guidance cut follows a severe market repricing of the stock.
Accenture shares suffered their steepest single-day decline in nearly nine years, tumbling approximately 18% to reach valuation levels not seen since 2017.
This sharp selloff wiped out recent gains and marked a decisive shift in investor sentiment, moving from cautious optimism to concern over the durability of the IT services recovery.