PNC Financial Services Group Inc (NYSE:PNC) shares are trading lower after it reported fourth quarter FY23 results. The bank reported a revenue decline of 7% year-over-year (Y/Y) to $5.36 billion, beating the consensus of $5.29 billion. Revenue declined Y/Y due to lower net interest income and noninterest income. Net interest income fell 8% Y/Y to $3.40 billion, with a net interest margin declining 26 basis points to 2.66% as the benefit of higher interest-earning asset yields was more than offs
India's No.1 software-services exporter Tata Consultancy Services is planning to focus more on markets such as Japan, Latin America and Southern Europe amid weakness in North America, its chief executive said. The plan to diversify more comes after the industry leader reported its slowest quarterly profit growth since 2020, and revenue contributions from its mainstay market, North America, have declined for four straight quarters. "I wouldn't say we are consciously reducing our North America exposure, but we are consciously increasing our play in other geographies because we want to work more in markets like Latin America, Southern Europe or Japan," K. Krithivasan said.