TCS kickstarts earnings season with worst Q3 performance in nine years

Tata Consultancy Services Ltd kicked off the quarterly earnings season on a gloomy note, clocking the worst third-quarter revenue decline since December 2015. The key reason: Subdued business in the US and Europe, the biggest markets for India’s largest IT services company.

TCS reported December quarter revenue of $7.54 billion, down 1.7% from the September quarter, and close to the $7.55 billion estimated in a Bloomberg analysts’ poll.