Wipro (NYSE:WIT) Stock, Quote.Headers.trade-ideas

Wipro

Wipro is a leading global IT services provider, with 175,000 employees. Based in Bengaluru, this India IT services firm leverages its offshore outsourcing model to derive over half of its revenue (57%) from North America. The company offers traditional IT services offerings: consulting, managed services, and cloud infrastructure services as well as business process outsourcing as a service.

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UBS analyst Shaleen Kumar upgrades Wipro (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WIT#NYSE">WIT</a>) from Sell to Neutral.

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Wipro (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WIT#NYSE">WIT</a>, BSE: 507685, NSE: WIPRO)), a leading technology services and consulting company and Lineaje, today announced a collaboration to help enterprises secure the open
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Wipro will leverage Lineaje's Open Source Manager and SBOM360 Hub to empower enterprises with a comprehensive service to continuously identify and neutralize critical open source
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Nvidia Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) could soon unlock value from a new economy as it grapples with the U.S.&#8217;s geopolitical tensions with China and allies, which are manifesting in semiconductor technology embargoes on the nations that are the U.S. chip designer&#8217;s major markets.
On Tuesday, Nvidia CEO Jensen Huang revealed new partnerships <a target="_blank" href="https://www.benzinga.com/government/24/10/41462536/nvidia-accelerates-global-growth-eyes-ai-chip-development-in-india-and-expansion-in-thailand" rel="noreferrer noopener">with Indian firms</a>, aiming to expand the deployment of its AI chips.
Indian IT giants, including Infosys Ltd (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/INFY#NYSE">INFY</a>), TCS, Tech Mahindra, and Wipro Ltd (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WIT#NYSE">WIT</a>), are <a target="_blank" href="https://blogs.nvidia.com/blog/accelerating-india-ai-adoption/" rel="noreferrer noopener">deepening their partnership</a> with Nvidia to accelerate AI adoption, create new jobs, and reskill nearly half a million developers.
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Nvidia&#8217;s NIM Agent Blueprint for customer service, announced at the Nvidia AI Summit in India, will help these consulting giants quickly develop AI-powered virtual assistants for call centers.
Powered by RAG and NeMo Guardrails, this blueprint ensures efficient, context-aware customer interactions and is customized for clients with India-specific large language models.
India&#8217;s top cloud infrastructure providers and server manufacturers rapidly scale their <a target="_blank" href="https://blogs.nvidia.com/blog/india-ai-infrastructure/" rel="noreferrer noopener">data center capacities</a>. By the end of the year, Nvidia GPU deployment in India will have increased nearly tenfold compared to 18 months ago.
Tens of thousands of Nvidia Hopper GPUs are being added to power large-scale AI factories, supporting major Indian businesses, startups, and research centers in running AI workloads both in the cloud and on-premises.
This accelerated expansion, announced at the Nvidia AI Summit in Mumbai, is spearheaded by Yotta Data Services, Tata Communications, E2E Networks, and Netweb.
Yotta Data Services is bringing AI to Indian enterprises through its Shakti Cloud platform, leveraging Nvidia AI Enterprise and Hopper GPUs to support generative AI and AI education.
Indian billionaire Mukesh Ambani and Jensen Huang <a target="_blank" href="https://www.benzinga.com/markets/asia/24/10/41509500/nvidia-ceo-jensen-huang-meets-indian-billionaire-mukesh-ambani-duo-forge-partnership-to-build-ai-inf" rel="noreferrer noopener">discussed AI developments</a> during a fireside chat at the Nvidia AI Summit in Mumbai. Huang highlighted India&#8217;s renowned IT industry and Nvidia&#8217;s partnership with Reliance to build a 1-gigawatt AI infrastructure center in Gujarat.
At the <a target="_blank" href="https://blogs.nvidia.com/blog/india-robotics-nvidia/" rel="noreferrer noopener">Nvidia AI Summit</a> in Mumbai, companies like Addverb showcase how Nvidia&#8217;s platforms, such as Isaac Sim and Omniverse, create digital twins of real-world environments for robot testing and optimization. Ottonomy uses Nvidia TensorRT and Jetson platforms to power its autonomous robots for last-mile deliveries across North America, Europe, and the Middle East.
At the ongoing Nvidia AI Summit in Mumbai, 50 Indian startups showcase <a target="_blank" href="https://blogs.nvidia.com/blog/india-inception-ai-startups/" rel="noreferrer noopener">AI-driven solutions</a> in customer service, healthcare, and robotics.
Bengaluru-based CoRover.ai, an Nvidia Inception member, already has over a billion users for its conversational AI platform, which supports over 100 languages, including Hindi and English. The platform powers the IRCTC&#8217;s chatbot, AskDISHA, which handles over 150,000 daily queries for Indian Railway passengers.
Nvidia also scored a win Wednesday by announcing the <a target="_blank" href="https://www.benzinga.com/news/24/10/41494373/whats-going-on-with-nvidia-stock-on-wednesday" rel="noreferrer noopener">resolution of a</a> flaw in its highly anticipated Blackwell chip, which could help the chip designer reach a valuation of $10 trillion in 2025.
Nvidia stock is up 220% in the last 12 months as US Big Techs led by Meta Platforms Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>),&nbsp;Alphabet Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>)&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>)&nbsp;Google, and&nbsp;Microsoft Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) aggressively chase their AI ambitions.
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Image via Shutterstock

Wipro shares are trading higher. The company reported Q2 financial results.

Wipro Ltd&nbsp; (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WIT#NYSE">WIT</a>) stock slid after the company reported&nbsp;<a target="_blank" href="https://www.wipro.com/newsroom/press-releases/2024/wipro-press-conference-q2-fy-2024-2025/" rel="noreferrer noopener">second-quarter results</a>.
The company reported gross revenue of 223.0 billion rupees ($2.66 billion), down by 1.0% year-on-year, missing the <a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">analyst consensus estimate of&nbsp;$2.67 billion</a>.&nbsp;
EPS of 7 cents was in line&nbsp;with the&nbsp;analyst consensus estimate.
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IT Services revenue declined by 2.0% Y/Y to $2.66 billion. Adjusted constant currency IT Services segment revenue decreased by 2.3% Y/Y.
IT Services&#8217; operating margin for the quarter was 16.8%, up by 70 bps Y/Y.&nbsp;
Net income was 32.1 billion rupees ($383.1 million), up 21.3% Y/Y. Operating cash flow was at 42.7 billion rupees ($509.7 million).
Total bookings stood at $3.56 billion, with large deal bookings worth $1.49 billion, up by 16.8% Y/Y.
Bonus Issue: Wipro&#8217;s Board recommended issuing bonus shares to shareholders (including stock dividends to ADS holders) in the ratio of 1:1 (1 equity share for every 1 equity share held), subject to shareholder approval.
Srini Pallia, CEO and Managing Director, said, &#8220;We continued to expand our top accounts, large deal bookings surpassed $1 billion once again, and Capco maintained its momentum for another consecutive quarter. We grew in three out of four markets, as well as, in BFSI, Consumer and Technology and Communications sectors. We will continue to invest in our clients, our strategic priorities, and building a strong AI powered Wipro.&#8221;
Q3 Outlook: Wipro expects IT Services business revenue of $2.607 billion&nbsp;– $2.660&nbsp;billion, (-2.0)% to (+0.0)% Q/Q in constant currency terms.&nbsp;
Wipro stock is up 32% in the last 12 months.
Price Action: WIT stock was down 1.87% to $6.30 premarket at last check Thursday.
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Photo by pulkit.aggarwal via Shutterstock

&nbsp;Wipro's Board of Directors recommended issue of bonus shares to shareholders (including stock dividend to ADS holders) in the ratio of 1:1 (1 equity share for every 1 equity share held), subject to approval of shareholders.&nbsp;

Wipro Announces 1:1 Bonus Share Issue, Awaiting Shareholder Approval

Wipro Expects Q3 Revenue From IT Services Business Segment To Be $2.607B - $2.66B

Wipro (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WIT#NYSE">WIT</a>) reported quarterly earnings of $0.07 per share which met the analyst consensus estimate. The company reported quarterly sales of $2.66 billion which missed the analyst consensus estimate of $2.67 billion by 0.43 percent. This is a 1.73 percent decrease over sales of $2.71 billion the same period last year.

Earnings Misses

Wipro Q2 GAAP EPS $0.07, Inline, Sales $2.66B Miss $2.67B Estimate

Wipro Reports Q2 EPS Of INR 5.18, Up From INR 3.93 Prior Year

Wipro (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WIT#NYSE">WIT</a>) is set to give its latest quarterly earnings report on Thursday, 2024-10-17. Here's what investors need to know before the announcement.
Analysts estimate that Wipro will report an earnings per share (EPS) of $0.07. 
Investors in Wipro are eagerly awaiting the company's announcement, hoping for news of surpassing estimates and positive guidance for the next quarter.
It's worth noting for new investors that stock prices can be heavily influenced by future projections rather than just past performance.
<h3>Past Earnings Performance</h3>
In the previous earnings release, the company missed EPS by $0.00, leading to a 0.0% drop in the share price the following trading session.
Here's a look at Wipro's past performance and the resulting price change:

<table>
<thead>
<tr>
<th>Quarter</th>
<th>Q1 2025</th>
<th>Q4 2024</th>
<th>Q3 2024</th>
<th>Q2 2024</th>
</tr>
</thead>
<tbody>
<tr>
<td>EPS Estimate</td>
<td>0.07</td>
<td>0.07</td>
<td>0.06</td>
<td>0.07</td>
</tr>
<tr>
<td>EPS Actual</td>
<td>0.07</td>
<td>0.07</td>
<td>0.06</td>
<td>0.06</td>
</tr>
<tr>
<td>Price Change %</td>
<td>-12.0%</td>
<td>2.0%</td>
<td>17.0%</td>
<td>-1.0%</td>
</tr>
</tbody>
</table>

<img src="https://www.benzinga.com/files/images/story/2024/1729087265_0.png" alt="eps graph" />
<h3>Stock Performance</h3>
Shares of Wipro were trading at $6.38 as of October 15. Over the last 52-week period, shares are up 36.94%. Given that these returns are generally positive, long-term shareholders are likely bullish going into this earnings release. 
<a href="https://www.benzinga.com/quote/WIT/earnings">To track all earnings releases for Wipro visit their earnings calendar on our site.</a>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

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Wipro Announces Results for the Quarter Ended September 30, 2024

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