Like Peers, Wipro Has a Slower-Than-Expected Start to the Year; Shares Fairly Valued
Wipro’s management said that its first fiscal quarter was slower than expected after the company recorded a sequential decline in revenue growth. The sequential non-GAAP IT services revenue decline of 0.7% was still within the firm’s guidance of negative 1% to positive 1%, but we suspect Wipro’s true aim was to be in positive territory in order to set an optimistic tone for the rest of the year. Echoing other IT services peers, Wipro noted macroeconomic uncertainties and customer-specific issues...Wipro is an information technology group based in India. Co. is engaged in the provision of information technology services. Co. is active as a global IT services company that provides a range of IT services, software solutions, IT consulting, business process outsourcing, or BPO, services and research and development services in the areas of hardware and software design to companies worldwide. Co. also provides outsourced research and development, infrastructure outsourcing and business consulting services. Co.operations are organized along two business segments: IT Services and IT Products.
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