US Stock Market Move | Q4 revenue guidance lower than expected, Accenture Plc Class A (ACN.US) opens trading with a sharp drop of over 17%.

On Thursday, Accenture Plc Class A (ACN.US) opened with a sharp drop of over 17%, marking the largest single-day decline in history and a year-to-date decline of over 50%. According to performance reports, Accenture Plc Class A's quarterly new bookings for the period ending May 31 totaled $19.3 billion, compared to $19.7 billion in the same period last year. The company's total revenue for the third quarter increased by $1 billion year-on-year to $18.7 billion, slightly below Wall Street's consensus estimate of $18.76 billion. The company also reported a 9% year-on-year increase in diluted earnings per share to $3.80, slightly higher than analysts' consensus. Operating profit margin expanded by 20 basis points to 17.0%, with free cash flow for the latest quarter at $3.6 billion. These numbers are not bad in themselves. However, what truly disappointed the market were the orders and guidance, further raising doubts about the company's growth trajectory in the context of "AI disruption": New bookings were $19.32 billion, a 2% year-on-year decline in reported currency and a 3% decline in constant currency terms; Q4 revenue guidance was $17.5 billion to $18.4 billion, below market expectations; and the full-year total revenue growth forecast is narrowed to 3%-4% in reported currency, and 4%-5% excluding the drag from the U.S. federal business.