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Professional services giant Accenture reported its quarterly earnings yesterday for the third quarter of FY22 ended on 31st May 2022 (the company follows the August-September financial year) yesterday, as it beat all estimated figures.
The revenues of the company stood at $16.2 billion for the quarter, up 22% YoY as operating income for the quarter was $2.6 billion, up 23% YoY. The operating margin for the quarter came in at 16.1%, up 10 bps. The gross margin for the quarter declined marginally to 32.9%.
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Revenues from consulting came in at $9.03 billion, up 24% while outsourcing revenues grew to $7.13 billion, surging 19%. the third quarter last year. Revenues from North America stood at $7.61 billion, up 23% while Europe was at $5.35 billion, up 20%. Growing Markets reported an increase of 22% to $3.19 billion.
Net income for the quarter jumped from $1.57 billion last year to $1.82 billion this year. EPS of the company for the quarter came in at $2.70 per share, up 16%, and included a $0.15 per share charge related to the disposition of the company's business in Russia. New bookings for the quarter were at $17 billion, up 10% as Consulting contributed to 54% of total bookings.
“Our very strong financial results for the third quarter reflect continued broad-based demand across markets, services, and industries, and the continued recognition of the outstanding talent of our 710,000 people. We continue to gain significant market share, and our services have never been more relevant as our clients turn to us as the trusted partner for the solutions they need to accelerate growth and become more resilient and efficient," said Julie Sweet, Accenture's Chair & CEO.
Accenture has declared a quarterly dividend of $0.97 per share for shareholders, the record date for which is July 14, 2022. This dividend, which is payable on August 15, 2022, represents a 10% increase over the quarterly dividend rate of $0.88 per share in fiscal 2021.
The shares of Accenture have been declining consistently since the beginning of 2022 as the share currently trades around $285.83 per share, registering a decline of 31% since the beginning of 2022.
Article by Aman Agarwal.
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