Wipro Shares Gain On Beating Q1 Earnings, Q2 IT Services Guidance

Wipro Ltd WIT reported the first quarter FY22 gross revenue growth of 22.4% year-on-year to $2.5 billion, beating analyst consensus of $2.31 billion.
IT Services segment revenue rose 25.7% Y/Y to $2.4 billion. Non-GAAP IT Services segment revenue grew 21.3% Y/Y.
IT Services' operating margin declined 29 basis points to 18.8%.
Net income rose 35.2% Y/Y to $434.8 million.
The EPS was $0.08 beating the analyst consensus of $0.07.
The company generated $451.1 million in operating cash flow.
It held $4.1 billion in cash and equivalents.
Outlook: Wipro sees a Q2 IT Services revenue guidance between $2.535 billion - $2.583 billion, implying a 5%-7% quarter-on-quarter growth.
Price action: WIT shares traded higher by 3.62% at $8.24 in the premarket session on the last check Thursday.