Accenture revenue beats as pandemic boosts demand for cloud, IT consulting services

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IT consulting firm Accenture Plc posted higher third-quarter revenue on Thursday that beat analysts' estimates, as more businesses used its digital, cloud and security services to adapt to a hybrid work model in a post-pandemic world.

Accenture, which acquired a number of businesses during the quarter, witnessed higher demand for its IT consulting services as the pandemic forced more companies to shift towards a cloud-based digitization strategy.

Analysts say that the demand for IT consulting services is at a 20-year high and is likely to stay elevated, as businesses across sectors including finance and health depend on companies such as Accenture and its peers to adapt to a new hybrid work model.

Revenue rose to $13.3 billion in the quarter ended May 31 from $11 billion a year earlier. Analysts on average had estimated revenues of $12.8 billion, according to IBES data from Refinitiv.

The company forecast full-year revenue growth in the range of 10 percent and 11 percent, above its previous outlook. Analysts on average expected full-year revenue to be $49.17 billion, according to IBES data from Refinitiv.