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India’s Wipro tops quarterly revenue estimates on strong Asia and Americas growth

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Indian IT major Wipro Ltd. posted stronger-than-expected results for the July–September quarter, supported by solid performance in its Asia-Pacific and Americas communications divisions and a healthy pipeline of large contracts.

The Bengaluru-based company reported a 1.8% year-on-year rise in consolidated revenue to 226.97 billion rupees ($2.58 billion), slightly above analysts’ estimates of 226.90 billion rupees, according to LSEG data. Wipro said it expects revenue growth between -0.5% and 1.5% for the current quarter, in line with market expectations, implying revenue of $2.59–$2.64 billion.

Net profit for the quarter rose 1.2% to 32.46 billion rupees, just below the forecast of 33.01 billion rupees. Among its major markets, Asia Pacific led growth at 3.1%, followed by Americas One at 0.5%, while other segments saw moderate momentum.

Wipro benefited from securing two mega deals worth over $500 million each — one with the UK’s Phoenix Group and another with a U.S.-based telecom provider — making it the only top-five Indian IT company to achieve two such contracts this fiscal year.

The company’s total deal bookings reached $4.69 billion, down from $5 billion in the previous quarter but up significantly from $3.6 billion a year earlier.

Peers Tata Consultancy Services (TCS) and HCLTech also exceeded revenue forecasts earlier this month, citing stronger demand in the second half of the fiscal year, signaling a broad recovery for India’s IT services sector.

Salesforce projects over $60 billion in revenue by 2030 as AI rollout accelerates

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Salesforce has raised its long-term outlook, forecasting revenue of more than $60 billion by 2030, surpassing Wall Street’s expectations of $58.37 billion. The projection, revealed during the company’s Dreamforce event, underscores confidence in its aggressive push to integrate artificial intelligence across all cloud services.

The forecast excludes the impact of Salesforce’s pending $8 billion acquisition of Informatica, a deal aimed at strengthening the company’s AI and data management capabilities. Informatica’s software helps businesses handle complex data integration and governance — key to powering AI-driven decision-making across Salesforce’s platform.

The company’s new Agentforce AI platform, which automates tasks and enhances operational efficiency, is expected to play a major role in future growth. Salesforce said Agentforce 360 will soon be available globally across its cloud suite, offering businesses new tools to improve productivity and cut costs.

Despite economic uncertainty and cautious corporate spending, Salesforce remains optimistic. Its shares jumped nearly 4% in after-hours trading following the announcement, even as the stock is still down 29% this year.

In addition to its growth forecast, Salesforce unveiled a $7 billion share buyback program to be completed over the next six months — a signal of confidence in its long-term profitability and cash flow strength.

Ferrari’s stock plunges 16% as new 2030 goals underwhelm despite EV reveal

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Ferrari shares tumbled over 16% on Thursday, erasing nearly €13.5 billion ($15.7 billion) in market value, after investors were disappointed by the company’s 2030 financial targets unveiled alongside the debut of its first electric vehicle (EV) platform.

The luxury carmaker raised its long-term revenue goal to €9 billion by 2030, up from €7.1 billion projected for this year. However, analysts called the target “underwhelming” compared to market expectations. “People were expecting a higher top line,” CEO Benedetto Vigna said during the presentation in Maranello, adding that Ferrari preferred realistic goals over overpromising.

Ferrari also scaled back its EV ambitions, now targeting a 2030 lineup comprising 40% internal combustion engines (ICE), 40% hybrids, and 20% fully electric vehicles, compared to the 2022 plan that aimed for 40% EVs.

At the event, Ferrari unveiled the Elettrica, its first electric car, showcasing a production-ready chassis with in-house-designed battery packs and electric motors from its new “e-building” facility in Maranello. The car will feature over 1,000 horsepower and seat four but has no confirmed price or release date yet.

Analysts at Citi said the updated guidance “fell below consensus expectations,” triggering the sharpest one-day decline in Ferrari’s shares since early 2024.

The company reaffirmed plans to launch four new models annually between 2026 and 2030 and expand its luxury lifestyle business with “Tailor Made” centers in Tokyo and Los Angeles and flagship stores in London and New York.