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Business News

Wipro reduces IT revenue for first quarter

Wednesday, April 22, 2009 (11:45:13) Bangalore: Wipro Limited has projected $1 billion revenue from its global IT services business for the first quarter (April-June) of this fiscal (2009-10), which is lower than the $1.05 billion in the fourth quarter (January-March) of last fiscal 2008-09. In a regulatory filing to stock exchanges, the IT bellwether said today that the market conditions continued to pose challenges due to the impact of global recession and financial meltdown in the US, which accounts for about 60 percent of its total IT services revenue. "Looking ahead in these tough times, we expect revenues from IT services business to be in the range of $1-1.03 billion in the first quarter (Q1) of this fiscal (FY 2010), Wipro chief financial officer Suresh Senapthy said here. Unlike its rival IT bellwether Infosys Technologies, Wipro does not give revenue guidance for the entire fiscal nor for its other non-IT services businesses. (IANS)