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Wipro Anticipates Q3 FY24 Revenue Decline Amid It Sector Turbulence

Published 2023-10-19, 11:28 a/m
Updated 2023-10-19, 11:28 a/m
© Reuters.

In recent news, Wipro (NYSE:WIT)'s CEO Thierry Delaporte has forecasted a revenue decline for Q3FY24, reflecting the ongoing turbulence in the global IT sector. Amid macroeconomic instability, the anticipated decrease is expected to be between -3.5% to -1.5%. Delaporte also discussed demand patterns, the potential for large deals, and acquisition strategies on Thursday.

Simultaneously, Karan Adani highlighted the importance of political stability when considering overseas port investments. However, this information is not directly related to Wipro's financial situation and will not be further discussed in this article.

In other unrelated business developments, Table Space announced plans for a Rs 500 crore investment in 'TS Suites' over an 18-month period. Tata Motors (BO:TAMO) (NYSE:TTM) also outlined a future strategy involving deeper localization.

However, the focus remains on Wipro's anticipated Q3FY24 revenue decline. This prediction underscores the prevailing turbulence within the IT sector and the impact of global macroeconomic instability on such companies. As part of his commentary, Delaporte delved into various aspects of Wipro's operations including demand patterns, potential for large deals and acquisition tactics. These factors are likely to play a significant role in navigating through these challenging times for the company.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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