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Wipro Limited (WIT) is a global leader in IT services, consulting, and business process solutions. This news hub provides investors and professionals with essential updates on corporate developments, strategic initiatives, and operational milestones.
Access timely announcements including quarterly earnings reports, technology partnerships, and leadership updates. Our curated collection simplifies tracking Wipro's market position in cloud services, digital transformation, and offshore outsourcing.
Key updates cover mergers & acquisitions, new service launches, and industry recognitions. All content is verified through primary sources to ensure reliability for investment research and competitive analysis.
Bookmark this page for streamlined access to Wipro's evolving business strategy and technology leadership. Check regularly for objective reporting on developments impacting the IT services sector.
Wipro has released a report revealing that wealth management firms plan to more than double their AI budget allocation from 16% to 37% in the next 3-5 years. Based on a survey of 100 U.S. executives, the study shows that while all firms have begun adopting AI, only 44% use it extensively. Among extensive users, 73% report significant competitive advantages.
Key findings show that 77% of firms report improved decision-making with AI-driven analytics, and 76% note operational efficiency improvements. Risk management (53%) and research and analysis (45%) are the main areas disrupted by AI. However, challenges persist, with 62% of firms citing unclear regulatory guidelines and 68% prioritizing AI training and recruitment to address the skills gap.
Ericsson and Wipro have successfully transformed the billing experience for Odido's mobile customers in the Netherlands by migrating to the cloud-native Ericsson Billing platform hosted on AWS. The migration, completed in August 2024, transitioned 5 million customers over a single weekend, following the earlier transition of 700,000 Ben MVNO users in November 2023.
This transformation allows Odido to offer innovative 5G services, including the newly-launched Klik&Klaar fixed-wireless access (FWA) solution, with improved operational efficiency and customer experience. Wipro served as the end-to-end system integrator, working closely with Ericsson and Odido to design and implement the solution.
The new billing system provides Odido with a future-proof solution that enhances automation, improves billing accuracy, and enables efficient scaling of new services while reducing operating costs. This migration is a key step in Odido's strategy to deliver exceptional customer experience and monetize the growing demand for 5G services.
Wipro (NYSE: WIT) announced financial results for Q2 FY2025 ended September 30, 2024. Key highlights:
- Net income grew 6.8% QoQ and 21.3% YoY to Rs 32.1 billion ($383.1 million)
- IT Services revenue grew 1.3% QoQ to $2,660.1 million
- IT Services operating margin expanded 35 basis points QoQ to 16.8%
- Large deal bookings at $1.5 billion, highest in 10 quarters
- Total bookings at $3,561 million
- Operating cash flows at 132.3% of net income
- Voluntary attrition at 14.5% on trailing 12-month basis
- Board recommended 1:1 bonus share issue
Outlook for Q3 FY2025: IT Services revenue expected between $2,607-$2,660 million, translating to -2.0% to 0.0% sequential growth in constant currency.
Wipro (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading technology services and consulting company, will announce its Q2 FY2025 results on October 17, 2024, after Indian stock market trading hours. The results will be available on the company's website. A conference call with senior management will follow at 7:00 PM IST (9:30 AM US Eastern time) to discuss the quarter's performance and answer questions.
Investors can submit questions by 6:30 PM IST. The call will be accessible via webcast and various dial-in numbers, including toll-free options for the US, UK, Singapore, and Hong Kong. A Diamond Pass™ service is available for quick access. The call replay will be available until October 24, 2024, through specified phone numbers and access codes.
Wipro (NYSE: WIT) has appointed Srikumar Rao as the new Global Head of its Engineering Edge Business Line, effective October 5, 2024. Rao, a 26-year Wipro veteran, succeeds Harmeet Chauhan and will report to CEO Srini Pallia. Previously serving as COO of Wipro Engineering Edge and Global Practice Head of Embedded Systems, Rao brings extensive experience in Engineering, Research, and Development (ER&D) services.
In his new role, Rao will focus on scaling Wipro's engineering capabilities, defining the vision for the ER&D Services business, and delivering AI-first products and solutions. His appointment underscores Wipro's commitment to internal talent development and client-centric approaches. Rao, a NASSCOM ER&D Executive Council member, will be based in Bengaluru, India.
Cyble, an AI-powered threat intelligence company, has partnered with Wipro (NYSE: WIT) to enhance enterprise cybersecurity risk management. The collaboration integrates Cyble's AI and machine learning platforms into Wipro's cybersecurity frameworks, offering real-time threat intelligence, proactive attack surface management, and comprehensive risk assessments. Key features include:
1. Dark Web monitoring and brand protection
2. Early threat detection and effective responses
3. AI-driven insights for informed decision-making
Cyble has gained significant market recognition, being named Innovation Leader by Frost & Sullivan and included in Gartner's Hype Cycles™. The partnership aims to provide unparalleled protection to global enterprises against evolving cyber threats.
Wipro announced financial results for Q2 2024, with key highlights including:
- Gross revenue at Rs 219.6 billion ($2,635.8 million), down 1.1% QoQ and 3.8% YoY
- IT services segment revenue at $2,625.9 million, down 1.2% QoQ and 5.5% YoY
- Large deal bookings at $1,154 million, down 3.1% QoQ and 3.6% YoY
- IT services operating margin at 16.5%, up 0.1% QoQ and 0.4% YoY
- Net income at Rs 30.0 billion ($360.4 million), up 5.9% QoQ and 4.6% YoY
- EPS at Rs 5.75 ($0.071), up 5.9% QoQ and 9.9% YoY
- Operating cash flows at Rs 40.0 billion ($479.0 million), up 6.5% YoY
The company expects Q3 2024 IT Services revenue to be between $2,600-$2,652 million, translating to -1.0% to +1.0% growth in constant currency terms.
Wipro (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading technology services and consulting company, will release its financial results for the first quarter ended June 30, 2024, on July 19, 2024, after market hours in India. The results will be available on Wipro's investors' website.
A conference call to discuss the performance will be held at 7:00 PM IST (9:30 AM US ET) on the same day. Questions for the call need to be submitted by 6:30 PM IST (9:00 AM US ET) and the audio will be available via webcast.
Dial-in details and toll-free numbers for accessing the call are provided, with a replay available from July 19 to July 26, 2024.
Wipro has been chosen by Hanesbrands to accelerate its digital transformation, emphasizing AI, cloud, data, and analytics. This partnership extends their existing relationship and involves Wipro defining Hanesbrands' cloud roadmap and integrating business functions to optimize operations. The collaboration aims to improve product lifecycle processes, ensuring faster time-to-market and enhanced profitability. Wipro's domain expertise, particularly in the apparel industry, and its experience in complex tech transformations are expected to drive innovation and long-term growth for Hanesbrands.
Wipro announced a strategic collaboration with Hewlett Packard Enterprise (HPE) to launch an on-premise GenAI solution at Wipro's Cloud Studio in Kodathi. Designed to enhance operational efficiency and customer experience, this platform leverages Wipro's Smart Operations and HPE's Machine Learning Development Environment. Field tests show it reduces Mean Time to Resolution (MTTR) by 50%, decreases incident inflow by 30%, and improves Overall Equipment Effectiveness (OEE). Targeting industries like financial services, healthcare, and manufacturing, it offers flexibility with varied Large Language Models (LLMs). Wipro and HPE aim to push AI innovation boundaries, ensuring clients meet their business goals.
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