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.

View Comments