2024-10-11 10:43:39 am | Source: Reuters
India's TCS slips as Q2 profit miss raises demand concerns
Shares of Tata Consultancy Services fell 2% in pre-open trade on Friday, as a lower-than-expected second-quarter profit raised concerns about demand recovery in the IT services firm's key North American market.
The company on Thursday reported net profit of 119.09 billion rupees ($1.42 billion), missing analysts' estimates as revenue from the North American market, which accounts for nearly half of its overall sales fell for a fourth straight quarter.
Its revenue decline in North America was led by client specific issues in life sciences and healthcare, while weakness persisted in manufacturing as its clients battled supply chain issues, said analysts at Investec.
($1 = 83.9625 Indian rupees)
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