Wipro shares tank 8.5% as Q1 earnings lag estimates

Shares of IT services major Wipro plunged as much as 8.5 per cent in morning trade today after the company's June quarter earnings missed expectations.
Wipro's scrip tumbled 8.46 per cent to Rs 528 on the BSE. At the NSE, it tanked 8.12 per cent to Rs 530.
The stock was the top loser among the blue-chips on both Sensex and Nifty during the morning trade.
"Wipro's June'14 quarter results missed the 'already modest' expectations," said Manik Taneja, Research Analyst at Emkay Global Financial Services.
Wipro had yesterday reported 29.5 per cent growth in consolidated net profit for April-June period, helped by large deals in application and infrastructure space as well as return of discretionary spending in the North American market.

The firm had posted a net profit of Rs 1,623.3 crore in the year-ago period, it had said in a BSE filing.

Consolidated net sales of the country's third-largest IT services firm rose 15.5 per cent to Rs 11,245.5 crore in April-June quarter this fiscal from Rs 9,733.2 crore in the same quarter of 2013-14.
In US dollars, Wipro reported a net profit of USD 351 million and revenue of USD 1.9 billion.
Revenue from IT services stood at USD 1.74 billion, a quarter-on-quarter increase of 1.2 per cent and year-on-year increase of 9.6 per cent. Wipro had guided this to be in the range of USD 1.715 billion and USD 1.755 billion.