Update 2 - Accenture expects its annual sales to exceed forecasts, driven by strong consulting demand.

Details, background information, and stock price updates supplemented

Reuters, October 1 - Accenture ACN.N predicted on Thursday that thanks to strong demand for its consulting services, the company's full-year revenue growth will exceed market expectations, which boosted its stock price by more than 17% in pre-market trading.

This forecast indicates that despite macroeconomic uncertainties and the disruptive threat posed by artificial intelligence (factors that previously hit its stock price hard), Accenture’s consulting business has remained resilient .

As of the close of the previous trading day, this Dublin, Ireland-based company’s shares have fallen 31% so far this year.

According to data compiled by London Stock Exchange Group (LSEG), consulting revenue for the fourth quarter totaled $9.28 billion, higher than analysts’ forecast of $8.86 billion.

Fourth quarter new orders increased by 4% year-on-year to $22.17 billion, reflecting resilient client spending on IT projects.

Accenture expects full-year revenue growth to be between 3% and 6%, while the analysts’ average forecast was 3.9%.

In July this year, rival Cognizant (CTSH.O ) raised (link) its full-year profit outlook after strong growth in its financial services business.

Accenture reported that fourth-quarter revenue was $18.68 billion, exceeding the analysts’ average forecast of $18.03 billion.

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