Wipro (WIT) Q3 Earnings: Revenue Misses at $2.62B
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 1h ago
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Source: seekingalpha
- Revenue Performance: Wipro's Q3 total revenue reached ₹235.6 billion ($2.62 billion), reflecting a 5.5% year-over-year increase, yet it fell short of expectations by $30 million, indicating potential market demand weakness that could impact future growth.
- IT Services Revenue: The IT services segment reported revenue of $2,635.4 million, with a 1.2% quarter-over-quarter increase and a mere 0.2% year-over-year growth, highlighting intensified industry competition and cautious client spending.
- Net Income Decline: The net income for the quarter was ₹31.2 billion ($347.2 million), down 3.9% quarter-over-quarter and 7.0% year-over-year, reflecting pressure on profitability that may affect investor confidence.
- Future Outlook: Wipro anticipates Q4 IT services revenue to range between $2,635 million and $2,688 million, with sequential growth expectations of 0% to 2%, indicating a cautious stance on future growth prospects.
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About WIT
Wipro Limited is a technology services and consulting company. The Company operates through two segments: Information Technology (IT) Services, and IT Products. IT Services segment provides a range of IT and IT enabled services which include digital strategy advisory, customer centric design, technology consulting, IT consulting, custom application design, re-engineering and maintenance, systems integration, package implementation, cloud and infrastructure services, business process services, cloud, mobility and analytics services, research and development and hardware and software design. The IT Products segment provides a range of third-party IT products, which allows it to offer IT system integration services. These products include computing, platforms and storage, networking solutions, and software products. Its services include Applications, Artificial Intelligence, Business Process, Cloud, Consulting, Data & Analytics, Digital Experiences, Engineering, and Sustainability.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
