Accenture Is in a Holding Pattern as the Pandemic Drags On

Shares of global consulting and outsourcing titan Accenture (NYSE: ACN) endured a sell-off of roughly 7% in the two trading sessions following the release of the company's fiscal fourth quarter 2020 earnings report on Thursday. Revenue dipped 2% year over year to $10.8 billion, or 1% in local currency, in line with management's previous projection of a negative 3% to positive 1% revenue change in local currency terms. Management tied Accenture's top-line dip to two percentage points of decline in reimbursable travel costs -- a clear consequence of curbed consulting travel during the pandemic.