IT Stocks Plunge Up to 8% as Accenture Slashes FY26 Guidance
Accenture reported its fiscal Q3 results (ended May 2026) with revenue of $18.7 billion (up 6% YoY but slightly missing estimates) and EPS beating expectations at $3.80. However, the company narrowed its full-year FY26 revenue growth guidance to 3-4% in constant currency (from the prior 3-5% range), citing cautious client spending on discretionary projects, disruptions in the Middle East (including impacts from regional conflicts), and slower U.S. federal government procurement.
This cautious commentary spooked investors globally:
Accenture shares plunged 17-19% in U.S. trading.
Indian IT ADRs suffered heavily overnight: !Infosys ADR down up to 10%, Wipro ADR down up to 8-10%.
In India,