Why Accenture Stock Was Down on Thursday
Accenture (NYSE: ACN) shares declined in early trading on Thursday, falling 3% by 10:30 a.m. ET compared to a flat result for the S 500. That drop wasn't enough to change a generally positive narrative for the consulting services stock, though, which is matching the market's 14% return so far in 2023.
Thursday's drop was sparked by a lukewarm reception for Accenture's latest earnings report and updated sales outlook.
Accenture announced before the market opened that revenue had risen 5% for the selling period that ran through late May. That result marked a slowdown compared to the prior quarter, which featured 9%-higher sales. Yet profitability continued expanding modestly, with adjusted profit margin ticking up to 16.3% of sales from 16.1% a year ago.
Source Fool.com
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