Accenture Plunges 18.9% as Guidance Cut Signals AI Is Eroding Traditional IT Consulting Demand

Accenture stock opened 18.9% lower on June 18 after the consulting giant cut its full-year revenue growth outlook to 3%–4% in local currency — down from 3%–5% — and posted Q3 revenue of $18.7 billion, narrowly missing analyst estimates of $18.78 billion. New bookings fell to $19.3 billion from $19.7 billion a year ago, and CEO Julie Sweet flagged a 1–1.5 percentage-point drag from a U.S. federal business slowdown. Shares have declined approximately 50% year-to-date, and analysts at Morgan Stanley read the guidance miss as confirmation that AI is actively cannibalizing demand for traditional time-and-materials IT services consulting.