Wipro, a global IT services firm, reported revenue fell 3.8% year over year to 219.64 billion rupees (US$2.64 billion) in its fiscal first quarter ended June 30. Revenue was below analysts’ expectations. Company peers Infosys, TCS and HCL reported increases in first-quarter revenue.

Large deal bookings at Wipro fell by 3.6% year over year in constant currency to $1.15 billion. Total bookings also fell in the first quarter, declining 11.8% to $3.28 billion.

Gross margin improved and profit for the period rose at the Bangalore, India-based firm.

“We are pleased with the momentum we have built in Q1 across industries and sectors and confident in our ability to execute better on bookings and profitable growth as we transition to Q2,” Srini Pallia, CEO and managing director, said in a press release.

Pallia was named CEO to the role during the first quarter after former Wipro CEO Thierry Delaporte resigned on April 6. The company agreed to pay Delaporte $4.3 million in severance.

In today’s earnings announcement, Wipro said IT services revenue — which represents the lions’ share of revenue — fell 5.5% year over year to $2.63 million.

IT service revenue in Wipro’s “Americas 1*” segment rose 1.4% year over year in constant currency; it was up 1.3% on a reported basis. However, IT services revenue in Wipro’s “Americas 2**” segment fell 2.5% in constant currency and was down 3% on a reported basis.

Europe revenue fell 10.7% in constant currency year over year, while revenue from Asia Pacific, the Middle East and Africa fell 11.7%.

Wipro had 234,391 employees at the end of the first quarter, up from 234,054 at the end of the fourth quarter.

Wipro – Q1 2025

Guidance

Wipro’s second-quarter guidance for IT services revenue ranges from down 1% to up 1% in constant currency, compared to the first quarter.

Share price

Shares in Wipro closed at 557.20 rupees (US$6.66) today in India; they set a new 52-week high during the trading day, reaching 579.90 rupees.

*Americas 1 includes the entire business in Latin America and the following industry sectors in the US: Communications, media and information services; software and gaming; new age technology; consumer goods; medical devices and life sciences; and healthcare, and technology products and services.

**Americas 2 includes the entire business in Canada and the following industry sectors in the US: Banking and financial services; energy, manufacturing and resources; capital markets and insurance; and high-tech.