Wipro Shares Fall 12% on 1Q Revenue Drop
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Dow Jones
By Sabela Ojea
Shares of Wipro on Friday fell after the company reported lower revenue in its fiscal first quarter.
The stock was down 12% to $6.10 in morning trading. Shares have risen 24% over the past 12 months.
The technology services and consulting company reported a gross revenue of $2.64 billion, down 3.8% from the same period a year earlier. The drop was mainly driven by its IT services segment, which reported a revenue drop of 5.5% from last year.
The company said that it expects revenue coming from this segment to fall 1% or to rise by 1% in the quarter ending Sept. 30.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
July 19, 2024 11:59 ET (15:59 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
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