Tallahassee, FL 1/12/12 (StreetBeat) -- Infosys (Nasdaq: INFY) shares are trading sharply lower this morning after the IT services provider posted in line results for the fiscal third quarter ended December 31, while offering disappointing guidance for the March quarter.For Q3, Infosys posted revenue of $1.806 billion, with profits of 80 cents a share; the Street had been projecting $1.81 billion and 80 cents. Revenue were up 3.4% sequentially, and 13.9% year-over-year. The company added 9,655 staff on a gross basis, or 3,266 on a net basis.
For Q4, the company sees revenue of $1.806 billion to $1.81 billion, below the previous Street consensus at $1.88 billion, with profits of 81 cents a share, below the Street at 84 cents.
For the full year, the company sees revenue ranging from $7.029 billion to $7.033 billion, with profits of $3 a share. Previous consensus was $7.07 billion and profits of $2.99 a share.
“The global economy, driven by slower growth in developed markets coupled with the European crisis, could impact the growth of the IT industry,” CEO S. D. Shibulal said in a statement. “Notwithstanding short-term challenges, we are focused on long-term growth opportunities by investing in platforms and solutions – which will accelerate innovation, enhance returns for our clients and deliver higher business value.”
INFY this morning is down $5.47, or 9.6%, to $51.40.
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