HCLTech Misses Revenue Estimates and Narrows Forecast
Indian IT firm HCLTech reported second quarter revenue slightly below expectations as shifting tech spending impacts traditional billing models. Consolidated revenue rose 11.5 percent while net profit beat estimates. The company also narrowed its annual revenue growth forecast.
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HCL Technologies Ltd posted second-quarter revenue of 356.20 billion rupees ($3.72 billion), missing estimates as clients reined in tech spending. The results reflect ongoing disruption across India's IT sector as artificial intelligence alters traditional billing models. The software services exporter narrowed its annual revenue growth forecast to 2.5% to 4%.
