Accenture PLC ACN on Tuesday reported fiscal first quarter net income of $1.97 billion. On a per share basis the Dublin company told that it had profit of $3.10. Income adjusted for non recurring costs were $3.27 per share.

Accenture share have increased 28% since the start of the year. The S&P 500 index has reached 23%. The stock has climbed 29% in the last year.

The company expects full year earnings between $11.97 to $12.32 per share. For the current quarter ending in Feburary, Accenture told it estimate revenue in between $15.4 billion to $16 billion.

The consulting company posted revenue of $16.22 billion in the time period.

Accenture forecasts second quarter revenue below estimates

The company estimate revenue in between $15.40 billion to $ 16 billion. Analysts polled by LSEG forecast revenue of $16.29 billion. Due to macroeconomic uncertainty IT service provider Accenture forecast second quarter revenue remain low Wall Street estimated cautious spending by client.

Accenture has reveal it target revenues in its current quarter to be lower than the past three months period due to negative earning effects.

The Irish American IT consultancy and outsourcing service provider estimate revenue in its fiscal second quarter of between $15.40 billion to S16 billion.

In a statement,Accenture expressed the projection reflects a negative 0.5% foreign exchange impact versus the second quarter of its 2023 financial year.

The group communication technology, media unit down by 10% in the latest quarter.

In a statement Chief Executive Julie Sweet also said generative AI assist garner $450 million in new bookings.