Accenture shares fell 11% on Friday, hitting the day's low of $273.19, notwithstanding a revenue beat for third quarter driven by growing demand for the consulting giant's AI-driven services from enterprise customers.
It reported revenue of $17.7 billion for the quarter ended May 31, compared with analysts' average estimate of $17.30 billion, Reuters reported, citing data compiled by LSEG.
The company is grappling with a weak U.S. federal contracting environment as the Trump administration has slowed new contracts and cut existing agreements in a bid to reduce federal spending, the report said, adding that the company said these changes have not had a material impact on its operations or financial condition.
Major indices on Wall Street were trading mixed, with the Dow 30 at 42,225.90, up 54.23 points or 0.13%. The S&P 500 was down 9.35 points or 0.16%, while the Nasdaq Composite traded at 19,464.10, down 82.13 points or 0.42%, around 12:23 PM GMT-4 (9:54 PM IST).
Taking cues, the American Depository Receipts (ADRs) of India's frontline IT companies, Infosys and Wipro, were also down. While Infosys ADRs were down 3% to hit the day's lows of $17.89, Wipro ADRs were marginally down at 0.33%.
Indian headline indices ended their three-session losing streak on Friday, led by bank, energy and IT stocks. Individually, HDFC Bank and Reliance Industries (RIL) contributed the most. While Nifty gained 319.15 points or 1.29% to close at 25,112.40, the 30-stock S&P BSE Sensex finished at 82,408.17, rising by 1,046.30 points or 1.29%.
Indian IT stocks today ended with strong gains, with tier-2 stocks taking the lead. Persistent Systems jumped 3.5% and was followed by Coforge, which rallied 2%. Mphasis was also up by over 1% at the closing time.
Among largecap stocks, HCL Technologies was the top gainer, rising by 1.3%.
Others, including Oracle Financial Services Software (OFSS), Tech Mahindra, Tata Consultancy Services (TCS) and Wipro, settled with gains up to 0.8%.
Also reads: TPG offloads Rs 1,505 cr stake in Sai Life via block deals; Norges Bank, MFs step in
Among laggards were Infosys and LTIMindtree, which closed in the red.
The 10-stock Nifty IT index ended with an uptick of 0.84%.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
It reported revenue of $17.7 billion for the quarter ended May 31, compared with analysts' average estimate of $17.30 billion, Reuters reported, citing data compiled by LSEG.
The company is grappling with a weak U.S. federal contracting environment as the Trump administration has slowed new contracts and cut existing agreements in a bid to reduce federal spending, the report said, adding that the company said these changes have not had a material impact on its operations or financial condition.
Major indices on Wall Street were trading mixed, with the Dow 30 at 42,225.90, up 54.23 points or 0.13%. The S&P 500 was down 9.35 points or 0.16%, while the Nasdaq Composite traded at 19,464.10, down 82.13 points or 0.42%, around 12:23 PM GMT-4 (9:54 PM IST).
Taking cues, the American Depository Receipts (ADRs) of India's frontline IT companies, Infosys and Wipro, were also down. While Infosys ADRs were down 3% to hit the day's lows of $17.89, Wipro ADRs were marginally down at 0.33%.
Indian headline indices ended their three-session losing streak on Friday, led by bank, energy and IT stocks. Individually, HDFC Bank and Reliance Industries (RIL) contributed the most. While Nifty gained 319.15 points or 1.29% to close at 25,112.40, the 30-stock S&P BSE Sensex finished at 82,408.17, rising by 1,046.30 points or 1.29%.
Indian IT stocks today ended with strong gains, with tier-2 stocks taking the lead. Persistent Systems jumped 3.5% and was followed by Coforge, which rallied 2%. Mphasis was also up by over 1% at the closing time.
Among largecap stocks, HCL Technologies was the top gainer, rising by 1.3%.
Others, including Oracle Financial Services Software (OFSS), Tech Mahindra, Tata Consultancy Services (TCS) and Wipro, settled with gains up to 0.8%.
Also reads: TPG offloads Rs 1,505 cr stake in Sai Life via block deals; Norges Bank, MFs step in
Among laggards were Infosys and LTIMindtree, which closed in the red.
The 10-stock Nifty IT index ended with an uptick of 0.84%.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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