Accenture delivered a major boost to the technology-services sector this week after forecasting stronger-than-expected revenue growth for its 2027 financial year. The company's shares jumped approximately 22% on October 1, marking its strongest daily performance on record, according to Reuters.
The company expects annual revenue growth of between 3% and 6% in fiscal 2027, above analysts’ previous expectations. The announcement helped ease concerns that artificial intelligence could rapidly replace large parts of traditional IT consulting work.
Instead, Accenture's results suggest that many companies are spending money on outside technology specialists to help them introduce AI into their businesses. Organizations are increasingly looking for help automating processes, implementing AI systems and improving their digital infrastructure.
Accenture reported quarterly revenue of $18.68 billion, exceeding expectations. Its consulting revenue increased 7% to $9.28 billion, while quarterly bookings reached $22.17 billion.
The company also announced plans to invest around $5 billion in acquisitions to support future growth. Earlier in the year, Accenture announced cybersecurity deals worth approximately $4.18 billion.
The news affected other technology companies as well. Shares of Cognizant rose around 8%, while IBM gained approximately 3%. Indian IT companies Wipro and Infosys also recorded gains of roughly 6% to 7%.
Accenture is also working with Anthropic on artificial intelligence, including a planned investment of at least $1 billion each over five years aimed at AI safety and testing.
The developments highlight a broader change in the business world. Rather than simply viewing AI as a threat to traditional technology companies, many businesses are now spending heavily on consultants and software specialists to help them adopt the technology.
For investors and companies, Accenture's forecast provides an important example of how AI is creating demand for new services while changing the way businesses operate.
