European IT services slump after Accenture cuts outlook

SAP SE

Thu 13:57

** European IT services fall sharply, led by Capgemini CAPP.PA, after Accenture ACN.N cuts full-year guidance, signalling businesses are curbing discretionary IT consulting spending amid economic uncertainty
** "Peers are trading down in reaction to Accenture’s earnings release, which reported negative bookings growth in the quarter and trimmed full year revenue guidance," Morningstar analyst Rob Hales says
** Capgemini CAPP.PA hits 6-year low, down over 8%, while other IT services stocks are also fall, with Cancom COKG.DE, Atos ATOS.PA, Reply REY.MI down between 2% and 6%  
** Declines spread to software and related sectors, with SAP SAPG.DE, Wolters Kluver WLSNc.AS, Sage SGE.L, Planisware PLNW.PA and TeamViewer TMV.DE down 3% to 4%
** Software and IT stocks have also been under pressure this year on concerns about AI-driven disruption  
** Accenture, down 14% premarket, reported new bookings of $19.3 billion, down about 2% from the same quarter last year
     

 (Reporting by Margaux Perrin and Lucie Barbier in Gdansk; Editing by Danilo Masoni)
 ((Margaux.Perrin@thomsonreuters.com and Lucie.Barbier@thomsonreuters.com))