WIT Stock Recent News

Wipro is feeling a "bit more" optimistic about its next financial year as clients spend more on artificial intelligence (AI) to reduce operating costs, the head of the Indian IT firm's Americas 2 business told Reuters on Wednesday.

Shares of Wipro Ltd. rocketed Friday, after the India-based information-technology consultant beat fiscal third-quarter profit expectations, to snap a streak of earning misses amid a jump in large deals, fueling hopes that a bottom in the IT business has been hit.

Wipro Limited (WIT) Q3 2024 Earnings Call Transcript

Wipro , India's fourth-largest IT services provider, reported a better-than-expected rise in third-quarter revenue on Friday on the back of improved deal execution.

Amidst the relative calm on Wall Street, including the S&P 500 inching forward, the potential bubble in tech stocks poses a challenge for investors. The cooler-than-expected jobs report and a retreating bond market indicate that the Fed's hawkish stance may soften.

Wipro may skip giving hikes to "top performers with higher compensation" in its largest business line in the upcoming round of salary revisions in December, according to an internal memo seen by Reuters.

Wipro Limited is facing challenges in the IT consulting industry as clients prioritize cost optimization projects over discretionary IT spending. The company is experiencing significant growth in large deal sizes, but overall revenue has fallen year-over-year. Wipro Limited stock may be fully valued, and my outlook remains Hold for the near term.

Thierry Delaporte, CEO and managing director of Wipro, says "it's not going to get easier anytime soon."

Jatin Dalal, chief financial officer of Wipro, says it's a big investment but "that number can only go up and not come down."

Wipro, one of India's top providers of software services, wants everyone on staff to know how to use artificial intelligence.