Shares of Accenture PLC ACN dropped 2.3% toward a fourth-straight loss after the management consultant reported fiscal third-quarter results that beat expectations but provided a somewhat downbeat revenue outlook. Net income for the quarter to May 31 rsoe to $2.01 billion, or $3.15 a share, from $1.79 billion, or $2.79 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of $3.19 beat the FactSet consensus of $3.01. Revenue grew 2.6% to $16.56 billion, above the FactSet consensus of $16.49 billion, as consulting revenue fell 4% to $8.69 billion while managed services revenue increased 10% to $7.87 billion. Looking ahead, the company expects fourth-quarter revenue of $15.75 billion to $16.35 billion, compared with the FactSet consensus of $16.32 billion, and cut its fiscal 2023 revenue growth outlook to 8% to 9% from 8% to 10%. Meanwhile, the company raised its full-year adjusted EPS guidance range to $11.52 to $11.63 from $11.41 to $11.63. The stock, which has lost 3.3% over the past three sessions since closing at a 14-month high on June 15, has run up 23.7% over the past three months through Wednesday while the S&P 500 SPX has gained 10.9%.
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