Wipro Limited (WIT) shares plummeted 5.32% in pre-market trading on Wednesday, following the company's forecast of a revenue decline for the first quarter of the fiscal year. This negative outlook overshadowed the company's fourth-quarter earnings report, which met analyst expectations.

According to the latest earnings summary, Wipro reported adjusted earnings of 4 cents per share for the quarter ended March 31, in line with the mean expectation of two analysts. The company's revenue for the quarter fell 1.5% to $2.63 billion compared to the same period last year, slightly surpassing analysts' expectations of $2.62 billion. Despite meeting or beating estimates, investors seemed more focused on the company's future projections.

The pre-market plunge reflects growing concerns about Wipro's near-term growth prospects in the competitive IT services and consulting sector. Wall Street's current consensus recommendation for Wipro is "sell," with a median 12-month price target of $2.89. The company's shares have already fallen by 7.8% this quarter and lost 20.3% year-to-date, indicating ongoing challenges in the market perception of Wipro's performance and outlook.