BlackBerry Ltd (NYSE: BB) was once the leader in the smartphone segment in the mid-2000s when they were known as Research In Motion. Their BlackBerry smartphones had built-in physical keyboards and a trackball utilizing SMS technology.
Wipro s performance in Europe has been disappointing, with execution delays being the root cause. Both profit and revenue figures have dropped. The weakness is expected to continue in Wipro s consulting business, particularly in Europe. The company s guidance for Q3 FY24 is also lower than expected, with a range of -3.5% to -1.5% in constant currency terms. This is seen as a disappointment, as analysts were hoping for a guidance starting from 0 to 1.5%. Overall, the guidance and performance of Wipro have been underwhelming.
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The cut in growth guidance for Infosys was an unexpected whammy for the Street as the IT major had already reduced its growth guidance significantly in the previous quarter.
HCL Tech has lowered its guidance for FY24 by 300 basis points, from 6-8% to 4-5%. However, the company s Q2 numbers are not bad. The silver lining for HCL Tech is that the second half of the year is expected to grow faster than the first half, unlike Infosys. The IT services business grew by only 0.9%, while ER&D jumped up by 5%. The slowdown in services revenue is a bigger concern. Europe is the slowest growth area for HCL Tech.