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Accenture results signal more trouble for midcap IT stocks

Smaller deals that have powered Indian IT’s order inflows in recent quarters are seeing a slowdown

December 20, 2022 / 10:05 AM IST
Accenture results signal more trouble for midcap IT stocks

Highlights Economic uncertainty is hurting some industries more than others Companies in affected industries are delaying project decisions and slowing spending Clients prioritising cost-take out projects. Smaller deals are seeing a pullback This implies a moderation in discretionary spends, a risk to all IT companies Midcap IT is dependent more on discretionary spends and short cycle projects In a sign of business moderation IT services major Accenture left its revenue growth forecast for fiscal year ending August 2023 unchanged. The last time Accenture left its revenue...

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