Wipro’s share price fell over 7% on Monday, July 22nd, 2024

Share price drop: Wipro’s share price fell over 7% on
Monday, July 22nd, 2024, following the release of their
Q1 financial results for the fiscal year 2024-25.
Financial performance: While Wipro reported a 4.6% year-on-year increase in net profit, it missed analyst expectations. Revenue from operations actually declined by 4% compared to the same quarter last year.
Specific figures: Wipro’s net profit for Q1 was Rs 3,003 crore, exceeding analyst estimates of Rs 2,
993 crore. However, revenue fell short of expectations, coming in at Rs 219,638 crore compared to the estimated Rs 22,258 crore.
Q2 guidance: Wipro’s management projected a revenue decline of -1% to +1% for Q2, which also disappointed investors who were hoping for continued growth.
ADR performance: Wipro’s American Depository Receipts (ADRs) also reflected the negative sentiment, falling nearly 12% on the New York Stock Exchange after the Q1 update.