Latest news with #governmentcontracts
CNA
5 hours ago
- Business
- CNA
Accenture bookings drop eclipses upbeat revenue, unveils AI-focused revamp
Accenture reported a second straight drop in quarterly new bookings on Friday and unveiled an organizational revamp to bolster its AI consulting services, as a cutback in U.S. government spending and economic uncertainty pressure growth. The bookings decline overshadowed the consulting giant's better-than-expected quarterly revenue and an increase in its annual forecasts, sending its shares down 5 per cent before the bell. Consulting and IT firms are under pressure as U.S. tariffs and accompanying economic uncertainty force companies to rethink their spending plans, while the Trump administration's cost-cutting efforts have led to contract cancellations and delays. Accenture said bookings - which represent future revenue secured through contracts - fell 6 per cent to $19.70 billion in its fiscal third quarter, below the Visible Alpha estimate of $21.54 billion and worse than the 3 per cent decline in the previous quarter. CEO Julie Sweet said 30 clients recorded quarterly bookings of greater than $100 million, compared with 32 in the previous quarter. Generative AI bookings totaled about $1.5 billion. Rival IBM also reported a small consulting revenue drop in April and said 15 of its U.S. government contracts worth about $100 million were shelved under the cost-cutting drive, while Indian IT firms including Infosys have warned of a tough year ahead. To navigate the uncertainty, Accenture plans to focus on AI consulting with the creation of a new business unit called reinvention services, which would combine its AI offerings and be led by Manish Sharma, the head of its Americas business. Sharma will be succeeded by chief operating officer John Walsh, while Americas COO Kate Hogan will take over as global COO. In the May quarter, Accenture posted revenue of $17.7 billion, beating analysts' average estimate of $17.30 billion, according to data compiled by LSEG. That growth was powered by higher spending by its clients in the financial services industry. Profit per share of $3.49 also beat estimates of $3.32.
Malay Mail
11 hours ago
- Business
- Malay Mail
China shut out of EU MedTech contracts in €150b market shake-up
BRUSSELS, June 20 — The EU today banned Chinese firms from government medical device purchases worth more than €5 million (RM24.5 million) in retaliation for limits Beijing places on access to its own market. The latest salvo in trade tensions between the 27-nation bloc and China covers a wide range of healthcare supplies, from surgical masks to X-ray machines, that represent a market worth €150 billion in the EU. 'Our aim with these measures is to level the playing field for EU businesses,' the bloc's trade commissioner Maros Sefcovic said. 'We remain committed to dialogue with China to resolve these issues.' The European Commission said in a statement the move was in 'response to China's longstanding exclusion of EU-made medical devices from Chinese government contracts.' Brussels said just under 90 per cent of public procurement contracts for medical devices in China 'were subject to exclusionary and discriminatory measures' against EU firms. In addition to barring Chinese firms from major state purchases, 'inputs from China for successful bids' would also be limited to 50 per cent, it said. Over the last three years, Brussels and Beijing have come into conflict in a number of economic sectors, including electric cars, the rail industry, solar panels and wind turbines. The decision on medical devices comes at a time of heightened trade tensions with President Donald Trump's United States, which has imposed customs surcharges on imports from all over the world, including Europe. The EU has decided to take a tougher stance on trade in recent years, adopting a vast arsenal of legislation to better defend its businesses against unfair competition. In April 2024, the commission opened an investigation into Chinese public contracts for medical devices, the first under a new mechanism introduced by the EU in 2022 to obtain better access to overseas state purchases. China, on the other hand, accuses Europe of protectionism. After a year of negotiations, the commission, which manages trade policy on behalf of the 27 member states, said it had failed to make any progress with China. 'The measure seeks to incentivise China to cease its discrimination against EU firms and EU-made medical devices and treat EU companies with the same openness as the EU does with Chinese companies and products,' Brussels said. — AFP
Yahoo
2 days ago
- Business
- Yahoo
BigBear.ai Holdings (NYSE:BBAI) Expands Biometric Software Deployment at Major International Airports
Holdings recently confirmed multiple deployments of its biometric software at key travel hubs, reflecting a robust commitment to enhancing international travel security and efficiency. Despite the global market's flat performance amid geopolitical tensions and rising Fed interest rate deliberations, significant 30% gain over the last quarter was likely influenced by the positive client announcements, including collaborations for military and shipbuilding AI applications. Earnings improvements and operational efficiency, along with pivotal partnerships, provided a solid foundation amidst an otherwise cautious market environment. Every company has risks, and we've spotted 4 weaknesses for Holdings you should know about. We've found 21 US stocks that are forecast to pay a dividend yield of over 6% next year. See the full list for free. The recent deployment of Holdings' biometric software in key travel hubs underscores the company's strategy to enhance its international footprint and security solutions. This initiative aligns with their broader focus on establishing regional partnerships and pursuing government contracts, potentially increasing revenue streams. Such developments may also bolster earnings forecasts as the company continues to leverage AI-driven solutions like Pangiam and veriScan to meet security and efficiency demands. However, analysts' consensus suggests that despite these promising moves, profitability remains a distant goal, with earnings expected to improve but still not meet positive thresholds in the near term. Over the past year, shares have demonstrated significant volatility, achieving a remarkable total shareholder return of 213.95%. This performance outpaces both the broader US Market and the IT industry's one-year returns of 9.8% and 39.2% respectively. Despite this robust short-term performance, the analyst price target of US$4.83 remains only 22% above the current share price of US$3.77, reflecting a mix of optimism tempered with caution. The disparity between the longer-term surge and short-term market assessments suggests that while is making strides in its strategic plans, the market remains cautiously optimistic about its ability to sustain this growth over the longer term. Understand Holdings' earnings outlook by examining our growth report. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include NYSE:BBAI. This article was originally published by Simply Wall St. Have feedback on this article? Concerned about the content? with us directly. Alternatively, email editorial-team@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
2 days ago
- Business
- Yahoo
BigBear.ai Holdings (NYSE:BBAI) Expands Biometric Software Deployment at Major International Airports
Holdings recently confirmed multiple deployments of its biometric software at key travel hubs, reflecting a robust commitment to enhancing international travel security and efficiency. Despite the global market's flat performance amid geopolitical tensions and rising Fed interest rate deliberations, significant 30% gain over the last quarter was likely influenced by the positive client announcements, including collaborations for military and shipbuilding AI applications. Earnings improvements and operational efficiency, along with pivotal partnerships, provided a solid foundation amidst an otherwise cautious market environment. Every company has risks, and we've spotted 4 weaknesses for Holdings you should know about. We've found 21 US stocks that are forecast to pay a dividend yield of over 6% next year. See the full list for free. The recent deployment of Holdings' biometric software in key travel hubs underscores the company's strategy to enhance its international footprint and security solutions. This initiative aligns with their broader focus on establishing regional partnerships and pursuing government contracts, potentially increasing revenue streams. Such developments may also bolster earnings forecasts as the company continues to leverage AI-driven solutions like Pangiam and veriScan to meet security and efficiency demands. However, analysts' consensus suggests that despite these promising moves, profitability remains a distant goal, with earnings expected to improve but still not meet positive thresholds in the near term. Over the past year, shares have demonstrated significant volatility, achieving a remarkable total shareholder return of 213.95%. This performance outpaces both the broader US Market and the IT industry's one-year returns of 9.8% and 39.2% respectively. Despite this robust short-term performance, the analyst price target of US$4.83 remains only 22% above the current share price of US$3.77, reflecting a mix of optimism tempered with caution. The disparity between the longer-term surge and short-term market assessments suggests that while is making strides in its strategic plans, the market remains cautiously optimistic about its ability to sustain this growth over the longer term. Understand Holdings' earnings outlook by examining our growth report. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include NYSE:BBAI. This article was originally published by Simply Wall St. Have feedback on this article? Concerned about the content? with us directly. Alternatively, email editorial-team@
Yahoo
4 days ago
- Business
- Yahoo
Palantir 'Golden Dome' Upside Eyed Amid High Valuation. Is Palantir Stock A Buy Or Sell?
Palantir stock bulls tout the software maker's artificial intelligence strategy and potential to win more U.S. government contracts.
