Accenture knocked the cover off the ball this morning and the stock rose ~7%. It’s a behemoth at a $175B market cap.
I’ll cut and paste a few of the quotes from CEO, Julie Sweet. I view these results as an affirmation that digitization trends will continue/accelerate.
From an overall demand perspective, the trends that we discussed last quarter are continuing. Companies need to accelerate their digital transformation across their enterprises and move to the cloud, address cost pressures, build resilience and security, adjust their operations and customer engagement to a remote everything environment and changing expectations and find new sources of growth.
What is becoming even more clear however is that we are in an era of compressed transformation in which the winners by industry will be those who are earliest to replatform their businesses in the cloud and have the digital core and new ways of working that allows them to continuously improve their operations and find new sources of growth, which for most leading companies is requiring them to simultaneously transform multiple parts of their enterprises and their talent.
For the pre-COVID digital leaders, they are racing to widen the gap. And for the digital laggards, they are racing to leapfrog. We are uniquely positioned to help the leaders and the laggards because of the depth and breadth of our capabilities. We bring the trust, experience, speed and scale that are essential to achieve compressed transformation.
Now let’s bring some of these demand trends to life to the lens of our Q1 and look at our own broad-based improvement. First, replatforming to the cloud. In fiscal year '20, our cloud revenue was approximately $12 billion with low-double-digit growth, which accelerated in Q1 with significantly higher double-digit growth, driven by Accenture Cloud First. In fact, across low to highly impacted industries and all geographic markets, we saw strong double-digit growth. The race to replatform to the cloud and create new business value is clear across all our services.
…snip…later in the call in response to an analyst question
…The first part of the crisis, people were getting their footing, getting back up and running. And it’s interesting, we did some research in July across 10 markets. And nearly 80% of the executives that we surveyed said that they were planning on investing in digital transformation and that was up from 50% in May. And we’re continuing just to see this recognition of the need to get there faster.
Thanks to the Fool for the transcript