Infosys, Wipro ADRs surge over 3% on NYSE after Accenture Q1 earnings beat Wall Street estimates | Stock Market News

Infosys, Wipro ADRs Today: American Depository Receipt (ADR) shares of India’s leading information technology (IT) service providers Infosys and Wipro witnessed a sharp rise on the New York Stock Exchange (NYSE) after global IT major Accenture’s first-quarter earnings beat Wall Street estimates across most metrics. Infosys ADR surged 3.58 per cent to $23.46 on the American stock exchange, while Wipro ADR last rose nearly 2.40 per cent to $2.7171.

American Depositary Receipt (ADR) is a tool for foreign and multinational companies to trade on US stock markets, just like regular shares of US companies. In theory, an ADR is similar to a special certificate issued by a US bank.

Accenture is leveraging GenerativeAI across industries to help clients optimize operations, from predictive maintenance in manufacturing to automating workflow in advertising operations, the company said in a post-earnings call.

Its GenAI business recorded new bookings of $1.2 billion, and about $500 million in revenue, due to an increase in projects utilizing the service.

The company’s new bookings, a key indicator of future revenue, rose to $18.7 billion for the first quarter from $18.4 billion a year earlier.

The IT provider said it has increased its data and AI workforce to 69,000 and plans to reach 80,000 by 2026, indicating growing demand for its services.

The company raised its annual revenue growth forecast to between 4% and 7% from its earlier estimate of 3%-6%. However, the mid-point is below analysts’ expectations of 5.63%