Accenture Stock Falls 18% to Lowest Level Since 2017 Amid AI Concerns

According to Financial Times, as reported by BlockBeats, Accenture's stock fell 18% on June 20 to its lowest level since 2017. New orders for the three months ending May declined to $19.3 billion, down 3% year-over-year, as investors worry that rapid AI development is eroding demand for traditional IT consulting and outsourcing services.

The consulting company expects full-year revenue growth not to exceed 4%, below previous guidance of 3–5%. To offset headwinds, Accenture is increasing its acquisition budget to $9 billion, including three cybersecurity deals valued at $4.2 billion in combined enterprise value.