The American Depository Receipts (ADR) of the leading IT majors in India, Infosys and Wipro, saw a decrease in their share prices on Wall Street on March 21 following Accenture’s reduction of its revenue growth guidance for FY24 due to the uncertain economic climate, which is causing clients to curtail their spending on consulting services.
On the New York Stock Exchange (NYSE), Wipro ADR was down 2% at $5.86 as of 11:59 a.m. Eastern Time (ET), and Infosys ADR was down 3.9% at $18.34.
As a result, on March 22, when the Nifty IT index ended its four-day losing run today and the US Federal Reserve maintained its rate-cut estimates for 2024, investors will be cautious when it comes to IT companies.
Accenture lowers its revenue forecast for FY24
After initially predicting two to five percent revenue growth, Accenture now projects full-year revenue growth in the range of one to three percent.
A little less than the $15.84 billion analysts had predicted, Accenture’s sales was $15.80 billion. Against an estimated earnings per share of $2.66, the company’s adjusted earnings per share came in at $2.77.
