Why Are Wipro (WIT) Shares Trading Lower Today? - Wipro (NYSE:WIT)

Wipro Limited WIT warned against declining revenue in its critical IT services business in the current quarter as clients delayed making spending decisions.
Wipro's peers had flagged similar concerns, Reuters reports. The Indian IT services industry, after a pandemic-led boom, battled slower spending or at least delays in decision-making due to growing recession concerns.
Tata Consultancy Services and HCLTech had warned against tightened spend by European clients.
Wipro said its fourth-quarter IT services revenue growth be (0.6)% - 1%, quarter-on-quarter, in constant currency terms.
CEO Thierry Delaporte acknowledged winning large orders while adding a bit of a lag, a certain level of volatility in some sectors regarding discretionary spending and uncertainty.
"The ramp-up of projects is taking a little more time due to the size (and) uncertainty. There is a little bit of lag in winning a contract and converting that into revenue."
Wipro reported third-quarter FY23 gross revenue of $2.80 billion, up 14.4% Y/Y, missing the consensus of $2.84 billion. EPS of $0.07 was in-line with the consensus. IT Services revenue grew 6.2% Y/Y to $2.80 billion.
Price Action: WIT shares traded lower by 1.76% at $4.755 on the last check Friday.
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Why Are Wipro Shares Trading Lower Today?