TCS Profit Misses Estimates as Recession Fears Hit IT Spending

Tata Consultancy Services Ltd. posted disappointing earnings after fears of a global recession spurred sharp cutbacks in technology spending.

Asia’s largest IT services company reported net income of 94.8 billion rupees, versus the 99.04 billion rupees average of analysts’ projections. Revenue rose 16% to 527.6 billion rupees.