Defying analysts expectations, Accenture, Ltd announced that its fiscal second quarter earnings increased tenfold compared to last quarter, but revenues trailed off slightly.

Accenture, Ltd reported net revenues of $2.83 billion, representing a three percent decline over net revenues from last year. This decline represents a nine percent decline in net revenue in local currency.

Operating income for the second quarter was $368 million, representing 13.0 percent of net revenues, compared with $388 million, or 13.3 percent of net revenues, for the second quarter last fiscal year.

Income before minority interest for the second quarter was $250 million, compared with $25 million on a GAAP basis, and $236 million excluding investment write-downs, for the same quarter last fiscal year.

"We are pleased with Accenture's solid performance in the second quarter, especially taking into account the challenging economic and geopolitical environment in which we continue to operate," said Joe W. Forehand, Accenture chairman and CEO. "We had strong contract bookings in the quarter of approximately $4.75 billion, the second-highest in our company’s history. In addition, our people around the world continue to adhere to our disciplined cost-management program and remain focused on delivering services and solutions of the highest quality to help our clients improve their business performance."

After struggling with declining demand, Accenture indicates that demand for consulting services is stabilizing, but has not yet predicted a turnaround for large consulting services.