Accenture’s AI business takes center stage in quarterly results beat

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Generative AI bookings have shown robust quarter-on-quarter acceleration for the past four quarters, reaching a total of $3 billion for the year

Accenture logo at a temporary office during the World Economic Forum in the Alpine resort of Davos, Switzerland, on May 25, 2022.IT services major Accenture unveiled a $4 billion share buyback on Thursday, closing the fourth quarter with better-than-expected results thanks to strong demand for its services that help businesses adopt generative AI technology.

. Excluding items, the company earned $2.79 per share, beating estimates of $2.78 per share, according to LSEG data. While analysts expect a turnaround in IT services, the expectations for next year remain modest. Analysts at JP Morgan earlier said they were not as bullish for the sector as they were this time last year, adding that clients will continue to withhold discretionary spending on projects.

 

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