News Summary: Infosys profit down, outlook soft

News Summary: Infosys quarterly profit down 4.1 percent, shares slide on weak sales forecast

Associated Press

WEAK EARNINGS, OUTLOOK: Indian outsourcing company Infosys reported lower quarterly profit and forecast subdued revenue growth due to fragile business confidence in the U.S. Its shares fell 21 percent in Mumbai.

THE NUMBERS: Net profit for the January-March quarter fell 4.1 percent from a year earlier to $444 million. It forecast revenue to grow between 6 percent and 10 percent for the fiscal year ending March 2014, below analysts' expectations.

U.S. UNCERTAINTY: Infosys said it based the muted forecast on orders from existing customers plus an expectation that economic volatility and uncertainly will persist in the United States, the company's biggest market.

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