Shares of Infosys Ltd.
INFY,
dropped 3.5% in premarket trading Thursday, after the India-based information technology consulting company reported fiscal second-quarter revenue that topped expectations but trimmed its full-year growth outlook. Net income for the quarter to Sept. 30 came in at $751 million, or 18 cents a share, after $749 million, or 18 cents a share, in the year-ago period, to match the FactSet consensus of 18 cents a share. Revenue grew 3.6% to $4.72 billion, above the FactSet consensus of $4.63 billion. The company said it had its highest large-deals value at $7.7 billion in the second quarter, spread across all verticals and geographies. “This, in an uncertain macro-environment, is a testament to our ability to pivot and stay relevant to the evolving client needs, by delivering the benefits of transformation as well as productivity and cost savings at scale,” said Chief Executive Salil Parekh. For fiscal 2024, the company lowered its revenue growth outlook, excluding currency effects, to 1.0% to 2.5% from 1.0% to 3.5%, but kept the outlook for operating margin unchanged at 20% to 22%. The stock has rallied 9.6% over the past three months, while the iShares MSCI India ETF
INDA,
has edged up 1.0% and the S&P 500
SPX,
has slipped 2.1%.
