Covid -19 impacts Wipro's fourth quarter revenue : CEO
By siliconindia | Thursday, 16 April 2020, 04:02 Hrs
Global software major Wipro's fourth quarter revenue from IT services were impacted by coronavirus, resulting in loss of $14-16 million, its CEO said on Wednesday.
"We estimate the IT services revenue for the quarter under review (Q4) was negatively impacted by Covid-19 by $14-16 million (0.7-0.8 per cent of revenue)," said Wipro Chief Executive Abidali Z. Neemuchwala in a statement here.
Revenue from IT services declined 1 per cent sequentially to $2,074 million from $2,095 million a quarter ago and flat at $ 2,076 million a year ago.
"Due to uncertainty on the course of the pandemic, we do not have visibility into the extent to which it will disrupt operations. Hence, we have decided to not provide revenue guidance for the first quarter ending June 30," said Neemuchwala.
Wipro is the first major IT firm to admit the impact of the deadly virus on its operations.
Its rival Infosys, which is yet to announce its fourth quarterly and yearly results for fiscal 2019-20, does not give quarterly but annual guidance at the beginning of the fiscal and reviews quarterly.
On account of shutdown since March 14 in this tech city and nationwide lockdown since March 25, Wipro, Infosys and other IT firms were forced to make their techies operate from home, barring those on critical operations.
"We hope to resume providing revenue guidance when we have increased certainty of both demand and supply side factors," added Neemuchawala.