Stock Track | Wipro Stock Plummets 5.07% Intraday on Q4 Earnings Miss and Weak Guidance

Stock Track00:06

Shares of Wipro Limited (WIT) plummeted 5.07% during intraday trading on Thursday, following the release of the company's fourth-quarter financial results.

The sharp decline came after Wipro reported quarterly sales of $2.583 billion, which missed the analyst consensus estimate of $2.620 billion. Revenue fell 1.9% compared to the same period last year. While adjusted earnings per share of $0.04 met expectations, it represented a decline from the prior year. Furthermore, the company provided a weak outlook for the current quarter, expecting IT Services segment revenue to be in the range of $2.60 billion to $2.65 billion, which translates to a sequential guidance of -2.0% to 0% in constant currency terms.

The disappointing revenue performance, combined with the cautious forward guidance, appears to have driven the significant sell-off in Wipro's stock during the trading session.

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