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TCS Posts Modest Revenue Beat as AI Demand Lifts North America Growth

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Tata Consultancy Services reported a slim third-quarter revenue beat on Monday, driven by artificial intelligence-led demand, with its key North America market returning to growth for the first time in two years.

Consolidated revenue for India’s largest software services firm rose 4.9% year-on-year to 670.87 billion rupees ($7.44 billion) for the quarter ended December 31, slightly above analysts’ estimate of 666.76 billion rupees, according to LSEG data. The traditionally weak December quarter benefited from increased AI spending by clients, with AI services generating about $1.8 billion annually and accounting for roughly 5.8% of total revenue.

Chief Executive K Krithivasan said strong deal momentum and growing leadership in AI underpin the company’s outlook. “Based on the client conversations, strong deal momentum and the leadership we are gaining in AI, we are confident of a good calendar year 2026,” he said during a post-earnings analyst call.

North America, which contributes nearly half of TCS’s revenue, posted growth for the first time since the July–September 2023 quarter, signaling a potential bottoming out of the slowdown. Five of the company’s eight geographic regions recorded growth, led by the Middle East and Africa with an 8.3% increase, followed by Continental Europe at 3.5%.

TCS Campus Siruseri, Chennai - MGS Architecture

Despite these gains, caution persists across India’s $283 billion IT services industry as clients remain wary of non-essential technology spending amid macroeconomic uncertainty in the United States. Analysts cited ongoing concerns around tariffs and proposed $100,000 visa fees as additional headwinds. Ambarish Shah of Systematix said North America’s recovery is likely to be gradual as structural weaknesses continue.

TCS noted that softer performance in banking and financial services and retail was largely due to year-end seasonality, with an expected recovery from the current quarter. The company’s total order book stood at $9.3 billion, down from $10.2 billion a year earlier.

Quarterly net profit fell 14% to 106.57 billion rupees, missing analysts’ expectations of 130.24 billion rupees. The decline was attributed to one-time restructuring costs linked to layoffs, the impact of India’s new labour codes enacted in November 2025, and other legal expenses.

The Mumbai-based firm declared a dividend of 11 rupees per share, along with a special dividend of 46 rupees per share. TCS shares listed in Mumbai closed 1.3% higher ahead of the results.

Stellantis reports data breach at third-party provider for North America

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Stellantis, the parent company of Chrysler, said on Sunday it had detected unauthorized access at a third-party service provider supporting its North American customer service operations.

The company confirmed that the breach exposed only basic contact information, with no financial or highly sensitive personal data compromised. Stellantis did not specify how many customers were affected.

“Upon discovery, we immediately activated our incident response protocols … and are directly informing affected customers,” Stellantis said, adding that authorities have been notified. The automaker urged customers to remain vigilant against phishing attempts.

The breach is the latest in a growing wave of cyberattacks targeting automakers. Earlier this month, Jaguar Land Rover was forced to shut factories until September 24 after a major cyber incident disrupted retail and production operations.

The rise in attacks reflects the increasing vulnerability of the automotive industry, as digital platforms and connected services become more integral to customer operations and vehicle support systems.

Global EV Sales Jump 24% in May as China Reaches Record High

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Global electric and plug-in hybrid vehicle (EV) sales surged by 24% in May year-over-year, according to market research firm Rho Motion. The strong performance was led by China, where monthly EV sales exceeded one million units for the first time this year, driven by robust domestic demand and aggressive export strategies.

Chinese automaker BYD played a key role in expanding EV sales, exporting large volumes to markets such as Mexico, Southeast Asia, and Uzbekistan. “BYD’s exports to Mexico and Southeast Asia, along with Uzbekistan, have significantly boosted sales in these regions,” noted Charles Lester, data manager at Rho Motion.

In Europe, fleet incentives in Germany and strong growth in Southern European markets contributed to a 36.2% rise in EV sales, reaching 330,000 units. However, North America showed more modest growth, with sales increasing just 7.5% to 160,000 units, partly due to the expiration of Canadian subsidies and broader policy uncertainties.

Global automakers continue to face challenges in the U.S., where new 25% import tariffs have prompted several companies to reconsider their 2025 forecasts. Tesla’s Berlin-based Model Y production remains shielded from these tariffs, but the company faces intensifying global competition as production volumes increase worldwide.

Meanwhile, President Donald Trump’s policies on emissions standards and tariff uncertainties have further slowed EV adoption in North America. U.S. tax credits for EVs remain in place but are scheduled to begin phasing out in 2026, adding another layer of hesitation for potential buyers.

By the numbers, global sales of battery-electric vehicles and plug-in hybrids totaled 1.6 million units in May. China’s sales grew over 24% year-over-year to 1.02 million vehicles. Europe recorded a 36.2% increase, while North America lagged with a 7.5% gain. The rest of the world saw a 38% rise, reaching 150,000 vehicles.

Summing up the global picture, Charles Lester stated, “The story this month with global vehicle sales is the continued chasm between Chinese market growth versus the faltering market in North America.”