Global IT consulting firm Accenture lowered its revenue forecast for the current fiscal year, the Wall Street Journal reported on June 18. Accenture shares plunged 18 percent in intraday trading to the lowest level in 10 years as a hit to Middle East business coincided with worries about AI replacement.

Accenture Chief Executive Julie Sweet (줄리 스위트) said the Iran conflict had halted business in the Middle East region and dampened corporate clients' spending.

Concerns that AI tools could replace a significant portion of consulting work were also reflected in the drop in Accenture shares. Accenture shares are down 51 percent this year. IBM is down 15 percent since the start of the year, and rival Infosys is down about 40 percent.

Catalant CEO Pat Petitti (팻 페티티), whose company runs an AI-based consulting platform, said, "Actual AI implementation requires expertise in the areas where AI will be used, but the large consulting firms lack that." He added, "Investors are also noticing this."

Morgan Stanley downgraded Accenture's investment rating this week and also lowered its target share price.

Accenture said some clients had pushed projects that were expected to be recognized as revenue in this fiscal year into the next fiscal year. It stressed that demand for large projects remained solid. The company said the number of quarterly contracts worth $100 million or more totalled 104 on a year-to-date basis, up 13 percent from a year earlier.