🧵 1. Major IT companies in Europe faced revenue drop in June quarter due to market volatility, customer decision delays, and slowdown in large deals. #tech
🧵 1. Major IT companies in Europe faced revenue drop in June quarter due to market volatility, customer decision delays, and slowdown in large deals. #tech
🧵 2. Tata Consultancy Services, HCLTech, Infosys, and Wipro reported declines in European revenue during FY24, with TCS, Wipro, and Infosys each experiencing a 20 bps drop.
🧵 3. HCLTech saw a significant 100 bps fall in European revenue due to underperformance of recent acquisition in German automotive sector according to CEO C Vijayakumar.
🧵 4. Analysts suggest Europe's poor macro situation and lack of large deals have impacted IT firms, particularly in manufacturing sector, with Wipro's manufacturing revenue declining 20 bps sequentially.
🧵 5. Despite strong growth in FY24, IT companies faced challenges in the manufacturing vertical in the June quarter this fiscal, with US seeing a recovery in BFSI compared to Europe's slower growth.
🧵 Read more at: https://www.financialexpress.com/business/industry-it-majors-see-slump-in-europe-revenues-3578896/