French IT consulting group Capgemini has once again lowered its 2024 revenue forecast after experiencing a drop in third-quarter sales due to weak performance in several markets, especially in the manufacturing sector. Previously, the company had expected an annual revenue decline of 0.5%–1.5%, but now it forecasts a decrease of 2%–2.4%.

Capgemini’s third-quarter revenue fell by 1.6% at constant exchange rates, totaling €5.38 billion. The company’s shares dropped 6.6% in morning trading, making it one of the worst performers in Europe’s STOXX 600 index.

Midcap Partners analyst Sarah Thirion noted that the company is lacking momentum in 2024, possibly extending into 2025, citing unstable spending and the impact of weak European markets.

However, Thirion added that the prospects for profitability improvement remain intact beyond 2025.