Accenture Plc (NYSE:ACN) stock fell 0.067% (As on December 19, 11:29:11 AM UTC-4, Source: Google Finance) after the company posted mixed result for the first quarter of FY 24 and forecast second-quarter revenue below Wall Street targets, anticipating cautious spending by clients as macroeconomic uncertainty remains an overhang. Consulting revenues for the quarter were $8.46 billion, flat in U.S. dollars and a decrease of 2% in local currency compared with the first quarter of fiscal 2023. Managed Services revenues for the quarter were $7.77 billion, an increase of 6% in U.S. dollars and 5% in local currency compared with the first quarter of fiscal 2023. Operating cash flow for the quarter was $499 million, and property and equipment additions were $69 million. Free cash flow, defined as operating cash flow net of property and equipment additions, was $430 million. For the same period last year, operating cash flow was $495 million; property and equipment additions were $99 million; and free cash flow was $397 million. Days services outstanding, or DSOs, were 49 days at November 30, 2023, compared with 42 days at August 31, 2023 and 48 days at November 30, 2022. Accenture’s total cash balance at November 30, 2023 was $7.1 billion, compared with $9.0 billion at August 31, 2023.

ACN in the first quarter of FY 24 has reported the adjusted earnings per share of $3.27, beating the analysts’ estimates for the adjusted earnings per share of $3.14, according to Zacks Investment Research. The company had reported the adjusted revenue growth of 3 percent to $16.22 billion in the first quarter of FY 24, missing the analysts’ estimates for revenue of $16.23 billion. New bookings for the first quarter of fiscal 2024 were $18.45 billion, a 14% increase in U.S. dollars and a 12% increase in local currency over the first quarter of fiscal 2023.

For the current quarter ending in February, Accenture said it expects revenue in the range of $15.4 billion to $16 billion. Analysts polled by LSEG forecast revenue of $16.29 billion.

The company expects full-year earnings in the range of $11.97 to $12.32 per share.

On the other hand, McDonald’s Corporation and Accenture announced an expansion of their strategic partnership to help execute McDonald’s strategy to leverage the latest edge technology and apply generative AI solutions across its restaurants worldwide to improve operations as well as customer and crew experience.