Wipro, one of India’s leading IT firms, has decided to curtail its hiring activities, aligning itself with other major tech companies, in response to a cooling trend in spending.
In its financial report for the quarter ending in September 2023, Wipro disclosed nearly stagnant consolidated net profit figures, amounting to Rs 2,667.3 crore. Furthermore, the company has projected a 3.5% decline in revenue for the current quarter.
Wipro’s decision to cut back on new hiring comes on the heels of a disappointing fiscal second quarter. The company’s net income fell short of analyst expectations, reflecting decelerating sales.
As the IT industry faces shifting economic dynamics, Wipro’s move to reduce hiring stands as a testament to the evolving strategies of major tech firms during a period of slowing expenditure.
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