Wipro Manages To Surpass Q1 Revenue Expectations, Driven By IT Services Growth
Portfolio Pulse from Anusuya Lahiri
Wipro Limited (NYSE:WIT) reported Q1 FY24 gross revenue of $2.782 billion, a 6% Y/Y increase, slightly beating the consensus of $2.78 billion. IT Services revenue grew 0.8% Y/Y to $2.78 billion. Net income was $349.8 million, up by 12% Y/Y. However, EPS of $0.06 missed the consensus of $0.07. Wipro held $1.02 billion in cash and equivalents as of June 30. Wipro's shares traded higher by 1.27% at $4.80 premarket on the last check Thursday.
July 13, 2023 | 11:22 am
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POSITIVE IMPACT
Wipro's Q1 FY24 revenue exceeded expectations, driven by growth in IT Services. However, EPS missed the consensus. Shares traded higher in premarket.
Wipro's Q1 FY24 revenue beat expectations, primarily driven by growth in its IT Services segment. This positive news is likely to have a positive impact on the company's stock in the short term. However, the company's EPS missed the consensus, which might temper the positive impact slightly. The company's shares were trading higher in the premarket, indicating a positive investor sentiment.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100