Stock Track | Wipro Plunges 5.39% in Pre-Market as Q3 Earnings Miss Estimates, Profit Dips

Stock Track01-16 21:02

Wipro Limited (NYSE: WIT) saw its shares plummet 5.39% in pre-market trading on Friday, following the release of its third-quarter fiscal 2026 results. The decline was driven by a miss in earnings per share (EPS) and a year-over-year drop in net profit.

The company reported an EPS of 2.97 Indian rupees ($0.03), falling short of the FactSet estimate of 3.22 rupees. Net income declined 7% year over year to 31.2 billion rupees ($347.2 million), partly due to a one-time charge from India's new labor codes. Despite revenue growth of 5.5% to 235.6 billion rupees ($2.622 billion), soft bookings and a 8.4% drop in large-deal bookings weighed on investor sentiment.

Wipro's IT Services operating margin improved to 17.6%, but the market focused on the weaker profitability and outlook. The company expects Q4 IT Services revenue to be flat to 2% higher sequentially, failing to reassure investors.

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