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Three IT majors have declared results for the second quarter (Q2) so far and the responses are mixed. Tata Consultancy Services (TCS) disappointed, missing revenue and profit estimates. Infosys and Wipro have beaten consensus, and both have provided optimistic guidance.
The market response has been clear. TCS is down roughly 7 per cent since it declared results last Friday. The Infosys and Wipro ADRs (American depositary receipts) are up – as are the rupee listings.
What does this imply for other IT stocks? There were fears that most IT companies would follow the TCS trend, and deliver disappointing performances. However, that now
