Reasons Behind Wipro Shares Drop

Following the release of its Q1 results report, shares of IT behemoth Wipro fell more than 8% in early trade on Monday.

• In comparison with the same quarter the previous year, Wipro’s consolidated net profit increased by 5.21% year over year (YoY) to Rs 3,036.60 crore from Rs 2,886 crore.
• However, compared to the same quarter previous year, sales decreased by 3.79% to Rs 21,963.80 crore in the June 2024 quarter from Rs 22,831 crore.
• Rs 21,896 crore was Wipro’s revenue from IT services.
• The Bombay Stock Exchange saw an 8.41% decline in Wipro’s shares to Rs 510.40 at 11:15 am during the current session.

Wipro’s IT Services Revenue Forecast and Performance Report: Expectations for the September Quarter

With regard to the future, Wipro anticipates that the IT Services business segment will generate revenue in the September quarter of between $2,600 million and $2,652 million. This translates into sequential guidance of minus 1% to 1%, excluding currency fluctuations.

At $2,625.9 million and 5.5% YoY, the IT services segment revenue declined 1.2% sequentially in terms of dollars. Constant currency revenue for the IT Services division decreased 4.9% YoY and 1% QoQ. With a 0.1% quarterly and 0.4% annual increase, Wipro’s operating margin for IT services was 16.5%.

For more up-to-date crypto news, you can follow Crypto Data Space.