(Reuters) - IT consulting firm Accenture Plc (N:ACN) narrowed its full-year revenue growth forecast range on Thursday as customers curbed spending and delayed projects due to the coronavirus-fueled slump in demand.
The COVID-19 pandemic has ripped through the global economy, leading to a slew of layoffs as companies look to cut costs to tide over the fall in demand across industries.
Accenture, which competes with Cognizant (O:CTSH) and major Indian IT companies such as Tata Consultancy Services (NS:TCS) and Wipro (NS:WIPR), also expects foreign exchange rates to negatively impact its results by 1.5% compared to fiscal year 2019.
The company said it expects fiscal 2020 revenue growth to be between 3.5% and 4.5%, compared with its prior forecast of 3% to 6%.
The online consulting and services provider forecast fourth-quarter revenue between $10.6 billion (£8.5 billion) and $11 billion, below the average analyst estimate of $10.88 billion, according to IBES data from Refinitiv.
Revenue was down nearly 1% to $10.99 billion, edging past average analysts' estimate of $10.87 billion, according to IBES data from Refinitiv.
Excluding items, the company earned $1.90 per share, beating analysts' estimates of $1.85 per share.
Shares of the company were marginally down in premarket trading on Thursday.