Accenture's results beat Street, shares rise

Accenture's results beat Street, shares rise

Stock Market Predictions

NEW YORK (Global Markets) - Technology outsourcing and consulting firm Accenture Plc (ACN.N) reported earnings that beat Wall Street estimates and it raised its annual earnings forecast, sending its shares higher in after-hours trading.

Its shares rose 2.5 percent to $57.30 in after-market trading.

Accenture forecast earnings of $3.36 to $3.40 per share for the year, up from $3.22 to $3.30. The new outlook was on the high end of analysts' expectations of $3.27 to $3.44 per share.

The company's net income was 93 cents per share, which surpassed analysts' average estimate of 90 cents per share, according to Thomson-Global Markets I/B/E/S.

Accenture, which helps companies cut costs and improve operations through consulting, outsourcing and other services, said revenue rose 21 percent to $6.7 billion, from $5.5 billion a year earlier. Analysts were expecting revenue of $6.43 billion.

The company said its new bookings were $7.1 billion in the quarter, with $3.7 billion coming from consulting and $3.4 billion coming from outsourcing services.

Accenture strong results contrasted sharply with Oracle's on Thursday. Oracle Corp (ORCL.O) posted disappointing quarterly results that sparked concerns about a deeper-than-expected slowdown in technology spending.

(Reporting by Liana B. Baker; Editing by Andre Grenon and Steve Orlofsky)