Accenture (NYSE:ACN) lost ground Friday adding to its decline from the previous session, as investors continued to take profit following its earnings report. On Thursday, Accenture reported earnings per share and revenue that beat analyst expectations. Despite the post earnings losses, Accenture shares are up 15% year to date.
The company reported financial results for the third quarter of fiscal 2023, ended May 31, 2023, with revenues of $16.6 billion, an increase of 3% in U.S. dollars and 5% in local currency over the same period last year.
GAAP operating income was $2.36 billion, compared to $2.60 billion for the third quarter last year, and operating margin was 14.2% compared to 16.1% for the third quarter last year. Adjusted operating income was $2.71 billion and adjusted operating margin was 16.3%, an expansion of 20 basis points from the third quarter of fiscal 2022.
GAAP diluted earnings per share were $3.15, compared to $2.79 for the third quarter last year. Adjusted EPS were $3.19, an increase of 14% from the third quarter of fiscal 2022.
New bookings for the quarter were $17.2 billion, with consulting bookings of $8.9 billion and managed services bookings of $8.3 billion.
CEO Julie Sweet said, “Our third quarter results reflect solid bookings and revenue and very strong adjusted operating margin, earnings per share and free cash flow, which demonstrates the rigor and discipline with which we run our business.”
ACN shares faltered $5.72, or 1.9%, to $301.53.
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