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Accenture, the world’s largest technology consultancy, has published its financial results for the third fiscal quarter.

The Ireland-headquartered firm wrapped up the three months ended March 31 with global sales of $16.6 billion. That amounts to a fairly modest 2% increase from the year-ago period in dollar terms but, when viewed through a local currency lens, represents a more respectable 5% annual growth rate.

Digging into Accenture’s revenue breakdown, its strategy and consulting unit had a fairly weak showing. The firm reported that the unit’s revenue experienced a “high double-digit decline” during the quarter.

In contrast, the Accenture units that focus on assisting companies with the implementation of cloud services and cybersecurity defenses did quite well. Both experienced what the firm describes as “very strong double-digit growth”.

Accenture’s Industry X unit achieved similarly strong momentum. The unit focuses exclusively on working with industrial companies to modernize their operations with cutting-edge tech.

On a regional basis, North America continues to be Accenture’s largest market. Clients across the Atlantic accounted for $7.7 billion of $16.6 billion in fee income the Irish firm generated last quarter.

The segment Accenture refers to as its “products” vertical was its largest market. Clients in the products vertical, which includes the manufacturing sector, spent $14.4 billion on Accenture services in the first quarter or 6% more than a year ago.

Like all earnings reports, Accenture’s latest quarterly financial update also included information about the firm’s profitability. The consultancy achieved a 16.3% operating margin in the third quarter, which enabled it to bring home earnings of $3.19 per share or 14% more than during the year-ago period. 

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