Tech stock under pressure: Accenture Plc (NYSE: ACN)

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Accenture Plc (NYSE: ACN) stock fell over 4% on 20th December 2018 (As of 9:45 am GMT-5; Source: Google finance). New bookings for the first quarter were $10.2 billion, and reflect a negative 2 percent foreign-currency impact compared with new bookings in the first quarter last year.

Net income for the quarter was $1.29 billion, a 9 percent increase from $1.19 billion for the first quarter last year. Operating cash flow for the quarter was $1.03 billion, and property and equipment additions were $78 million. Free cash flow, defined as operating cash flow net of property and equipment additions, was $950 million. For the same period last year, operating cash flow was $1.01 billion; property and equipment additions were $133 million; and free cash flow was $872 million. Days services outstanding, or DSOs, were 42 days at Nov. 30, 2018, compared with 39 days at Aug. 31, 2018 and 43 days at Nov. 30, 2017. Accenture’s total cash balance at Nov. 30, 2018 was $4.4 billion, compared with $5.1 billion at Aug. 31, 2018

ACN in the first quarter of FY 19 has reported the adjusted earnings per share of $1.96. The foreign-exchange impact for the quarter was approximately negative 2 percent, consistent with the assumption provided in the company’s fourth-quarter earnings release. Consulting revenues for the quarter were $5.97 billion, an increase of 8 percent in U.S. dollars and 10 percent in local currency compared with the first quarter of fiscal 2018. Outsourcing revenues were $4.64 billion, an increase of 7 percent in U.S. dollars and 9 percent in local currency compared with the first quarter of fiscal 2018.owth of 7.3 percent to $10.61 billion in the first quarter of FY 19.

Accenture expects second-quarter revenue to be somewhere between $10.1 billion and $10.4 billion. The company also said it expects revenue in local currency for the 2019 fiscal year to rise between 6% and 8%. It had been expecting it to increase between 5% and 8%. Apogee also anticipates earnings to be between $7.01 a share and $7.25 a share. It had previously expected them to be between $6.98 a share and $7.25 a share.

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