Accenture (ACN) on Thursday reported fiscal third-quarter results that missed estimates amid discontinued operations in Russia. ACN stock fell as revenue forecasts fell short of expectations as currency exchange rates impacted the company’s outlook.
Accenture shares fell 3.6% to 276 in early trading in the stock market today.
Accenture’s earnings for the quarter ended May 31 rose 16% to $2.79 per share, the Dublin-based company said. Discontinued operations in Russia lowered earnings by 15 cents, the company said.
Including acquisitions, the global technology consulting and services company said revenue rose 27% to $16.2 billion.
Analysts had expected Accenture to earn $2.86 a share on sales of $16.04 billion. A year earlier, Accenture earned $2.40 a share, including investment gains, on sales of $13.26 billion.
ACN Stock: Revenue Forecasts Miss Estimates
For its fourth fiscal quarter, Accenture said it expects revenue of between $15 billion and $15.5 billion. Analysts had forecast revenue of $15.85 billion.
Accenture ceased operations in Russia amid the war in Ukraine.
Additionally, ACN stock is down around 31% in 2022 amid volatility in tech stocks.
Accenture continues to make acquisitions to get into digital, cloud and cybersecurity products. He has also invested in artificial intelligence and blockchain technology.
Heading into Accenture’s earnings report, the stock had a relative strength rating of 58, according to IBD Stock Check Up.
If you are new to IBD, consider taking a look at its stock trading system and CAN SLIM basics. Recognizing chart patterns for issues such as ACN stocks is one of the keys to investing guidelines.
Follow Reinhardt Krause on Twitter @reinhardtk_tech for updates on 5G wireless, artificial intelligence, cybersecurity and cloud computing.
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