IT consulting firm Accenture Plc forecast better-than-expected second-quarter revenue on Thursday after its first-quarter top-line expanded by 27%, riding a digital transformation wave with more clients seeking its cloud and security services.

Client spending, which rebounded last fiscal year to pre-pandemic levels due to a shift to hybrid working models and boosted Accenture's revenue by 14%, has stayed strong.

Accenture shares have risen about 42% this year, outperforming the S&P 500 Index, thanks to increased spending on digitization and cloud adoption.

The company has been aggressively investing in cloud, digital and security services to capitalize on the digitization trend, with analysts saying it bodes well for Accenture as it competes with Cognizant and Infosys for market share in a booming sector.

Revenue for the quarter ended Nov. 30 was $14.97 billion, compared with analysts' average estimate of $14.19 billion, according to Refinitiv IBES data.

Accenture said it expects current-quarter revenue between $14.30 billion and $14.75 billion, compared with analysts' average estimate of $14.09 billion.