Accenture (ACN -0.32%) delivered solid quarterly results but forecast an uncertain future. Investors are largely focused on what's to come and sent shares of the consulting giant down 8% as of 11:45 a.m. ET.

Europe and North America are falling behind

Accenture earned $2.77 per share in the quarter on sales of $15.8 billion, slightly better than Wall Street's estimate of $2.66 per share on revenue of $15.8 billion. The sales figure came in the middle of the company's range, fueled by strong growth in emerging markets and 11% growth in revenue from healthcare projects.

But beneath the headline numbers, there were some signs of weakness. Revenue was flat in Europe and down slightly in North America, and large sectors, like communications and financial services, saw sales declines.

Accenture sees that weakness as a harbinger of things to come. The company lowered its full-year revenue forecast to 1% to 3% growth, down from 2% to 5%, and said fiscal third-quarter revenue would come in between $16.25 billion and $16.85 billion, below the Wall Street consensus estimate of $17.01 billion.

The culprit is higher interest rates and the economic uncertainty they cause, which is keeping some large clients from committing to major projects.

Is Accenture stock a buy following its post-earnings drop?

Even in difficult times, Accenture remains a cash-generation machine. The company reported $2.4 billion in free cash flow in the quarter, helping to fund $2.5 billion worth of share repurchases and a 15% dividend boost. For the year, the company held firm to its forecast of upwards of $9.9 billion in operating cash flow.

Artificial intelligence, cloud, and security remain long-term focuses, with Accenture booking $1.1 billion in future generative artificial intelligence (AI) bookings in the last three months. Overall, Accenture future bookings stood at $40 billion at the quarter's end, a company record.

Accenture can't change the macro environment but appears to be managing through the softness better than some of its rivals. When the recovery inevitably happens, Accenture appears well-positioned to capture a major share of the available business.

For investors with a long-term focus, Thursday's dip could be a buying opportunity.