Accenture 1st-Quarter Net Income Drops 45%

Consulting firm Accenture said fiscal first-quarter profit fell 45% on investment losses and a decline in sales to telecommunications and computer technology companies.

Net income fell to $81.7 million, or 20 cents a share, in the quarter ended Nov. 30, from $148.5 million, or 36 cents, a year earlier. Excluding funds received from clients for reimbursed expenses, revenue rose 5.6% $2.99 billion.

Not counting some investment gains and losses, Accenture said it would have earned $258 million, or 25 cents, a penny better than analysts’ expectations.

The company, formerly called Andersen Consulting, also said it expects to meet the average analyst estimate of 22 cents a share in the second quarter.

Shares of Accenture rose 29 cents to $27.57 on the NYSE.