French IT consulting firm Capgemini announced on Friday that it now anticipates a decline in annual revenue, revising its earlier forecast of growth due to a downturn in the North American market.
The Paris-based company now projects its organic sales will decrease by 0.5% to 1.5%, a shift from the previous expectation of a 0-3% increase.
CEO Aiman Ezzat explained that the revised outlook reflects challenges such as recent weaknesses in the automotive and aerospace sectors and a slower-than-expected recovery in financial services.
Despite this adjustment, Capgemini has maintained its targets for operating margin and organic free cash flow for 2024.
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