By Nomura

Accenture (ACN) reported Q4FY2023 revenue of $15.99 billion, showing a 4% y-o-y growth in constant currency (cc) terms. This performance falls within the midpoint of the company’s guidance range, which projected a y-o-y growth of 2%-6% for Q4. However, the consulting revenue exhibited weakness, experiencing a 2% y-o-y decline in CC terms. On the other hand, managed services revenue showed robust growth, increasing by 10% y-o-y, also in CC terms. In verticals, the communications, media, and technology (CMT) sector faced significant challenges, with a substantial 12% y-o-y decline in CC terms. In terms of regions, North America emerged as the weakest performer, registering only a modest 1% y-o-y growth in CC terms. Accenture improved its a…