(Reuters) – Accenture unveiled a $4 billion share buyback plan on Thursday, as it reported better-than-expected fourth-quarter revenue, driven by demand from companies seeking tools related to generative artificial intelligence (AI) technologies.
Accenture shares rose nearly 7% in pre-market trading on Wall Street.
The Dublin-based IT services provider reported fourth-quarter revenue of $16.41 billion, beating analysts’ expectations of $16.38 billion, according to LSEG.
Accenture’s generative AI business, which has helped the company offset slowing demand for IT services, extended its growth for a fourth consecutive quarter.
Accenture’s new bookings, a key measure indicating the value of client contracts with a spending commitment, increased to $20.1 billion in the fourth quarter from $17.25 billion in the previous quarter.
Generative AI bookings contributed $1 billion to the company’s new bookings, up from $900 million in the prior quarter.
(Report by Rishi Kant, by Etienne Breban, edited by Augustin Turpin)
Copyright © 2024 Thomson Reuters
I have over 8 years of experience working in the news industry. I have worked as a reporter, editor, and now managing editor at 247 News Agency. I am responsible for the day-to-day operations of the news website and overseeing all of the content that is published. I also write a column for the website, covering mostly market news.
