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Accenture, a global IT giant, recently disclosed its financial results for the third quarter of fiscal 2024, ending on May 31, 2024. The company saw revenues of $16.5 billion, marking a 1% decrease in U.S. dollars but a 1.4% increase in local currency. This quarter, Accenture achieved notable operating margin improvements, with GAAP and adjusted operating margins reaching 16% and 16.4%, respectively. New bookings for the quarter totaled $21.1 billion, split between $9.3 billion in consulting bookings and $11.8 billion in managed services bookings. The company also declared a quarterly cash dividend of $1.29 per share, representing a 15% increase from the previous payout. Additionally, the firm updated its business outlook for fiscal 2024, now anticipating revenue growth in the range of 1.5% to 2.5% in local currency. In a statement, Julie Sweet, chair and CEO of Accenture, emphasized the company’s dedication to meeting client needs, which is reflected in their strong financial performance. She highlighted significant milestones achieved in the quarter, such as $2 billion in Generative AI sales year-to-date and $500 million in revenue year-to-date. Looking ahead, Accenture anticipates a positive financial outlook, with projected revenues for the fourth quarter of fiscal 2024 ranging from $16.05 billion to $16.65 billion. The company’s revenue growth expectations for fiscal 2024 lie between 1.5% and 2.5% in local currency, while also adjusting its annual effective tax rate assumptions. Overall, Accenture’s Q3 results demonstrate a robust performance amidst a challenging economic landscape, showcasing the company’s resilience and strategic growth initiatives for the future.
