: Accenture stock surges after profit, revenue rise above expectations amid record bookings

Shares of Accenture PLC ACN surged 4.3% in premarket trading Thursday, after the management consultant reported fiscal second-quarter profit and revenue that beat expectations, while trimming its full-year outlook. Net income for the quarter to Feb. 28 fell to $1.53 billion, or $2.39 a share, from $1.64 billion, or $2.54 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of $2.69 beat the FactSet consensus of $2.49. Revenue grew 5.1% to $15.81 billion, above the FactSet consensus of $15.59 billion, as bookings jumped 13% to a record $22.09 billion. For fiscal 2023, the company cut its revenue growth outlook to 8% to 10% from 8% to 11% and its net EPS guidance to $10.84 to $11.05 from $11.20 to $11.52, as operating margin is expected to contract to 14.1% to 14.3%. On an adjusted basis, the company expects 2023 EPS of $11.41 to $11.63, surrounding the FactSet consensus of $11.47. The stock has lost 5.1% year to date through Wednesday, while the S&P 500 SPX has gained 2.5%.

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