Accenture Q3 revenue grows 21% to $13.3 billion – Times of India
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BENGALURU: Accenture‘s revenue grew 21% in its third quarter ended May to $13.3 billion, beating its guidance. The company was helped by robust growth in its healthcare, communications and financial services business. New bookings for the quarter were $15.4 billion, an increase of 39% from a year earlier, with consulting bookings of $8 billion and outsourcing bookings of $7.4 billion.
The strong performance led the company to raise its guidance for the fourth quarter and the full year. In the fourth quarter, the company expects to grow 17-21% in local currency, translating to $13.1-13.5 billion. For the full year, growth is expected to be in the range of 10-11% in local currency, up from 6.5-8.5%. Margin is expected to rise by 40 basis points to 15.1%.
“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, our talented people and the strength of our business across geographic markets, industries and services,” CEO Julie Sweet said.
Both the outsourcing and consulting businesses reported robust numbers, with outsourcing revenue up 21% to $7.2 billion and consulting up 20% to $6 billion.
Indian IT services companies also posted good growth in their last quarter, helped by clients’ rush to digitally transform their businesses using cloud and cyber security services as people continue to work remotely.
Accenture’s communications, media & technology business was up 23%, financial services was up 21% and healthcare was up 25%. North America, the company’s biggest market, was up 18% to $6.2 billion.
The strong performance led the company to raise its guidance for the fourth quarter and the full year. In the fourth quarter, the company expects to grow 17-21% in local currency, translating to $13.1-13.5 billion. For the full year, growth is expected to be in the range of 10-11% in local currency, up from 6.5-8.5%. Margin is expected to rise by 40 basis points to 15.1%.
“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, our talented people and the strength of our business across geographic markets, industries and services,” CEO Julie Sweet said.
Both the outsourcing and consulting businesses reported robust numbers, with outsourcing revenue up 21% to $7.2 billion and consulting up 20% to $6 billion.
Indian IT services companies also posted good growth in their last quarter, helped by clients’ rush to digitally transform their businesses using cloud and cyber security services as people continue to work remotely.
Accenture’s communications, media & technology business was up 23%, financial services was up 21% and healthcare was up 25%. North America, the company’s biggest market, was up 18% to $6.2 billion.
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