NEW DELHI: Tata Consultancy Services, India's largest information technology outsourcing company said it expects a seasonally weak third quarter, because of the holiday season in its key markets impacting some of its main verticals.
The company, in a mid-quarter business update on Friday, said it expects weakness in its retail, manufacturing, hi-tech due to furlough impact during the quarter. The banking and financial services business would be impacted by insurance and banking products, while telecom was likely to be "slightly better" than other verticals, it added.
The third quarter, ending December, is seasonally weak for IT outsourcing companies due to holidays in the United States and Europe their biggest markets. While TCS expects business in North America to be in line with its expectations, adjusted for seasonal weakness; it said Europe would grow better than average.
The company, in a mid-quarter business update on Friday, said it expects weakness in its retail, manufacturing, hi-tech due to furlough impact during the quarter. The banking and financial services business would be impacted by insurance and banking products, while telecom was likely to be "slightly better" than other verticals, it added.
The third quarter, ending December, is seasonally weak for IT outsourcing companies due to holidays in the United States and Europe their biggest markets. While TCS expects business in North America to be in line with its expectations, adjusted for seasonal weakness; it said Europe would grow better than average.
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