Thursday, July 12, 2012

Infosys (Nasdaq: INFY) Stock Down More Than 12% After Mixed Q1

Infosys (Nasdaq: INFY) Stock Down More Than 12% After Mixed Q1Atlanta, GA 7/12/12 (StreetBeat) -- Shares of Infosys (Nasdaq:INFY), an India-based provider of information technology services, were down more than 12% early Thursday, at three-year lows, after the outsourcer delivered mixed results for its fiscal first quarter and lackluster guidance.

For the quarter ended June 30, Infosys reported a per-share profit minus items of 73 cents, in line with analyst expectations. That's up 9% from 67 cents in the year-earlier quarter.

But its revenue missed. The company said sales rose 4.8% to $1.75 billion, shy of the $1.77 billion consensus forecast of analysts polled by Thomson Reuters.

And for the fiscal year ended March 31, Infosys said it expects a per-share profit of $3.03, up slightly from $3 the prior year but short of the $3.09 that analysts had been expecting.

Infosys says it expects revenue of $7.34 billion, up 5% but short of the $7.46 billion analysts were modeling.

The company, as usual, is the first of the bigger tech companies to report results for the quarter ended June 30. Because of economic woes in Europe, slowing growth in China, problems in the financial service sector and other macroeconomic concerns, the June quarter results could face challenges. Already in the past two months companies such as Informatica (Nasdaq:INFA) and Dell (Nasdaq:DELL) have mentioned head winds in Europe. Here's our recent report on Informatica.

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