Accenture, the world's largest management and technology consulting firm, said this afternoon that fiscal fourth-quarter revenue fell on weaker demand for its services.
But Accenture met analysts' earnings expectations, thanks to cost cutting.
The company, formerly known as Andersen Consulting, said it earned $38.1 million, or 8 cents a share, in the three months ended August 31st, compared with $42.7 million, or 10 cents a share, a year earlier.
The latest quarter included a real-estate consolidation charge of $111 million plus investment losses.
Excluding these items, Accenture said it earned 16 cents a share, matching the consensus estimate of analysts surveyed by Thomson First Call, and up from 15 cents a share excluding items a year earlier.
Shares of Accenture were at $12 this morning, down 3.7 per cent, or 46 cents, on the New York Stock Exchange.
Though Accenture executives are optimistic about earnings for fiscal 2003, which began September 1st, they see no immediate change in demand.