India’s fourth-largest software services company, Wipro, reported disappointing first-quarter revenue figures on Thursday, falling short of what analysts had anticipated as customers pulled back on technology spending deemed non-essential.
For the three-month period ending June 30, Wipro’s consolidated revenue climbed 10.6% compared to the same period last year, reaching 244.79 billion rupees — equivalent to approximately $2.54 billion U.S. dollars. However, that figure came in below the analyst consensus estimate of 247.76 billion rupees, according to data compiled by LSEG.
Company officials pointed to two key pressures weighing on the broader tech sector: ongoing geopolitical uncertainty and disruption tied to the rapid rise of artificial intelligence, both of which have made clients more cautious about where they direct their technology budgets.
