Wipro Q2: Analysts cut EPS est, price targets to factor more revenue slide

Wipro Q2 results review: The stock took a hit and fell up to 4 per cent intra-day as brokerages lowered earnings estimates and trimmed price targets

Wipro’s September quarter results (Q2FY24) were in line with weak industry trends, reflecting mounting worries of narrowing client spending for IT services. 

Similar to other peers, Wipro expects a continued revenue decline with Q3 constant currency (cc) IT revenue projected to fall 3.5 to 1.5 per cent sequentially, ahead of what many analysts expected. 

The stock took a hit on Thursday and fell up to 4 per cent intra-day as brokerages lowered Wipro’s earnings estimates for financial year 2024 and 2025 and trimmed price targets on the scrip. 

The 2 per cent sequential drop in its cc revenue in Q2FY24