Accenture's (ACN) revenue is being hurt by the Trump administration's efforts to slash US federal government costs, Chief Executive Officer Julie Sweet said Thursday on a conference call with analysts.
"The new administration has a clear goal to run the federal government more efficiently," Sweet said, according to a FactSet transcript. "During this process, many new procurement actions have slowed, which is negatively impacting our sales and revenue."
Accenture's Federal Services unit, one of the top 10 highest-paid consulting firms contracting with the US government, faces a review of contracts as federal agencies move to terminate contracts not deemed critical, Sweet said.
"While we continue to believe our work for federal clients is mission critical, we anticipate ongoing uncertainty as the government's priorities evolve and these assessments unfold," Sweet said.
Shares of the company fell 6.8% in recent Thursday trading.
Price: 302.48, Change: -21.99, Percent Change: -6.77
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