WIT - Segmental Struggles at Wipro: IT Services Revenue Decline Weighs on Stock | Benzinga
Wipro Ltd (NYSE:WIT) shares are trading lower after the company reported first-quarter results.
The company reported gross revenue of INR219.6 billion ($2.64 billion), down by 3.8% year-on-year, missing the analyst consensus estimate of $2.66 billion.
EPS of 7 cents was in line with the analyst consensus estimate.
IT Services revenue declined by 5.5% Y/Y to $2.63 billion. Adjusted constant currency IT Services segment revenue decreased by 4.9% Y/Y.
IT Services’ operating margin for the quarter was 16.5%, up by 42 bps Y/Y.
Net income was INR30.0 billion ($360.4 million), up by 4.6% Y/Y. Operating cash flow was at INR40.0 billion ...