India-based IT services giant Wipro Ltd. (NYSE: WIT) today reported revenue fell by 4.2% year over year in its fiscal fourth quarter ended March 31. Revenue totaled $2.67 billion in US dollars during the period.

Wipro’s fourth-quarter revenue beat analysts’ expectation of $2.65 billion, Reuters reported.

Fiscal 2024 “proved to be a challenging year for our industry, and the macroeconomic environment remains uncertain. However, I am optimistic about the opportunities that lie ahead,” said Srinivas Pallia, who became CEO and managing director April 7 following the resignation of Thierry Delaporte. “We are on the brink of a major technological shift. Artificial intelligence is transforming our clients’ needs as they seek to harness its power for competitive advantage and enhanced business value.”

Revenue in Wipro’s IT services segment was at $2.66 billion, an increase of 0.1% over the prior quarter and a decrease of 6.4% year over year. In constant currency, IT services segment revenue decreased 6.6% year over year.

By business unit, fourth-quarter revenue in “Americas 1” within the IT services segment was flat over the year on both a reported basis and on a constant currency basis. In “Americas 2”, revenue fell by 5.7% on a reported basis and by 6.0% in constant currency.

In Europe, revenue decreased by 11.3% over the year and by 12.4% in constant currency. In Asia Pacific, the Middle East and Africa, revenue fell by 11.5% on a reported basis and by 9.4% on a constant-currency basis.

India's IT services industry has been grappling with clients tightening their purse strings due to stubbornly high inflation and geopolitical risks, Reuters reported. Industry body Nasscom estimated overall revenue growth more than halved to 3.8% last financial year.

Wipro revenue for the full year reached $10.75 billion, a decrease of 0.8% year over year.

Guidance

Looking ahead to the quarter ending June 30, the company expects revenue from its IT Services business segment to be in the range of $2.61 billion to $2.67 billion, which represents a sequential decline of1.5% to 0.5% in constant currency.

Share Price

Shares in Wipro trading in New York were up 3.00% to $5.32 as of 11:51 a.m. Eastern time today; they were 23.03% above their 52 week low, according to FT.com.