Accenture Share buyback

Accenture's announcement come as strong demand for its generative AI services fueled record growth, with AI bookings reaching $3 billion for the year

Accenture unveiled a $4 billion share buyback on Thursday, 26 September 2024. They closed the fourth quarter with better results owing to the strong demand for their services.

Accenture’s generative AI has surpassed its growth in its other core businesses. Bookings of generative AI have shown acceleration in the past four quarters. It reaches an amount of $3 billion for this year.

Accenture’s shares rose to 3.3%, recovering from a nearly 4% annual fall. In contrast, the tech-heavy Nasdaq saw a 20.4% increase this year. LSEG data shows that, after deducting deductions, the company earned $2.79 per share, exceeding predictions of $2.78 per share.

The company's growth estimate, which ranged from 3% to 6%, did not miss the experts' average growth prediction of 5.9%.

Earlier, JP Morgan analysts expressed their lack of optimism for the industry compared to this time last year. Morgan Stanley said that overall demand for IT services will probably be generally weaker than expected in the upcoming quarters, prior to Accenture's results.

Tata Consultancy Services, an Indian provider of IT services, reported that it is "too early" to forecast consistent growth in upcoming quarters while marginally exceeding its first-quarter revenue projections.