Written by Brenda Nakalema

Accenture’s Revenue Forecast Misses Estimates. Stock Drops.

Accenture (ticker: ACN) dropped more than 3% in premarket trading on Thursday after the company reported a poor quarterly earnings …

Accenture (ticker: ACN) dropped more than 3% in premarket trading on Thursday after the company reported a poor quarterly earnings report. The report fell below analysts’ expectations, causing a stock price descent.

The management consulting firm reported that it expected fiscal fourth-quarter revenue of roughly $13.1 billion to $13.5 billion, which reflects a 4% shot from currency movements compared to the same quarter a year ago. According to FactSet, analyst expectations stood at around $15.8 billion.

For the quarter ended May 31, the company announced its bookings increased 39% to $15.4 billion. Earnings per share were 88 cents, a 10% increase over last year’s figure.

The company said revenue growth for the fiscal year ending Aug 31 would increase by 10% to 11% in local currency terms. It estimates that the operating margin will stand at around 15.1%.