Wipro Shares Slide After Firm Forecasts Weak Growth and Lower Deal Bookings
Wipro Limited forecast weak fourth-quarter revenue growth following its lowest deal bookings in six quarters, diverging from stronger performance by its peers.
Insights:
Wipro Limited , the fourth-largest IT services firm in India 
IN, announced on Friday a cautious revenue outlook for the fourth quarter that fell short of market expectations. The company forecast sequential revenue growth between flat and 2.0%, which includes contributions from recent acquisitions. This guidance trails the 1.5% to 3.5% growth range previously estimated by analysts at Kotak Institutional Equities. Following the announcement, the company's U.S.-listed shares experienced a sharp decline of as much as 7.2% as investors reacted to the signal of weakening demand.
IN, announced on Friday a cautious revenue outlook for the fourth quarter that fell short of market expectations. The company forecast sequential revenue growth between flat and 2.0%, which includes contributions from recent acquisitions. This guidance trails the 1.5% to 3.5% growth range previously estimated by analysts at Kotak Institutional Equities. Following the announcement, the company's U.S.-listed shares experienced a sharp decline of as much as 7.2% as investors reacted to the signal of weakening demand.
