Shares of professional services provider Accenture (NYSE:ACN) are in the green today after the company delivered better-than-expected second-quarter numbers.
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Revenue rose 5% year-over-year to $15.8 billion, outperforming expectations by $220 million. EPS at $2.69 too came in ahead of expectations by $0.20.
During the quarter, new bookings rose 13% to $22.1 billion with consulting and managed services making nearly equal contributions. Importantly, the company witnessed growth across North America, Europe as well as Growth markets.
Looking ahead, for 2023, ACN expects revenue to rise in the range of 8% to 10%. EPS is anticipated to land between $11.41 and $11.63. Additionally, the company is also taking steps to lower costs in 2024 and has plans to lower its headcount by 19,000 over the next 18 months.
Overall, Wall Street has a consensus price target of $310 on ACN, implying a 22.4% potential upside in the stock. That’s after a nearly 22.7% slide in the share price over the past year.
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