Tweet
January 12, 2011, 10:53 PM EST
By Ketaki Gokhale
(Updates with shares in fifth paragraph.)
Jan. 13 (Bloomberg) -- Infosys Technologies Ltd., India’s second-largest software exporter, posted third-quarter profit that missed analysts’ estimates as concerns about the global economic recovery kept clients from boosting orders.
Net income rose 14 percent to 17.8 billion rupees ($396 million) in the three months ended in December, from 15.6 billion rupees a year earlier, Bangalore-based Infosys said today. That compares with the 18.2 billion rupee average of 27 analyst estimates compiled by Bloomberg.
Chief Executive Officer S. Gopalakrishnan said in November that demand for computer services in the U.S., spurred by the economy’s “muted recovery,” could be damped by the nation’s proposed rules to toughen visa requirements for foreign employers. Global technology spending may slow this year from 5.4 percent in 2010, research company Gartner Inc. forecasts.
“The weaker economic recovery in developed markets coupled with high unemployment and risk of sovereign default could impact industry growth,” Gopalakrishnan said in a statement today.
Infosys, the first among India’s major computer-services companies to report earnings, fell 3.3 percent to 3,267 rupees at 9:16 a.m. in Mumbai trading. The stock gained 32 percent last year outperforming the Sensex’s 17 percent advance. Industry leader Tata Consultancy Services Ltd. jumped 55 percent in 2010.
Revenue rose 24 percent to 71.1 billion rupees, from 57.4 billion rupees a year earlier. That compares with the 71.8 billion rupee average of analysts’ estimates.
Infosys said it expects sales in the financial year ending March to range from $6.04 billion to. The company in October said it expected sales in the financial year to be as much as $6 billion.
--Editors: Suresh Seshadri, Young-Sam Cho.
To contact the reporter on this story: Ketaki Gokhale in Mumbai kgokhale@bloomberg.net.
To contact the editor responsible for this story: Young-Sam Cho at ycho2@bloomberg.net
Webmaster Forum | SEO Forum | Coding Forum | Graphics Forum</b>
(Updates with shares in fifth paragraph.)
Jan. 13 (Bloomberg) -- Infosys Technologies Ltd., India’s second-largest software exporter, posted third-quarter profit that missed analysts’ estimates as concerns about the global economic recovery kept clients from boosting orders.
Net income rose 14 percent to 17.8 billion rupees ($396 million) in the three months ended in December, from 15.6 billion rupees a year earlier, Bangalore-based Infosys said today. That compares with the 18.2 billion rupee average of 27 analyst estimates compiled by Bloomberg.
Chief Executive Officer S. Gopalakrishnan said in November that demand for computer services in the U.S., spurred by the economy’s “muted recovery,” could be damped by the nation’s proposed rules to toughen visa requirements for foreign employers. Global technology spending may slow this year from 5.4 percent in 2010, research company Gartner Inc. forecasts.
“The weaker economic recovery in developed markets coupled with high unemployment and risk of sovereign default could impact industry growth,” Gopalakrishnan said in a statement today.
Infosys, the first among India’s major computer-services companies to report earnings, fell 3.3 percent to 3,267 rupees at 9:16 a.m. in Mumbai trading. The stock gained 32 percent last year outperforming the Sensex’s 17 percent advance. Industry leader Tata Consultancy Services Ltd. jumped 55 percent in 2010.
Revenue rose 24 percent to 71.1 billion rupees, from 57.4 billion rupees a year earlier. That compares with the 71.8 billion rupee average of analysts’ estimates.
Infosys said it expects sales in the financial year ending March to range from $6.04 billion to. The company in October said it expected sales in the financial year to be as much as $6 billion.
--Editors: Suresh Seshadri, Young-Sam Cho.
To contact the reporter on this story: Ketaki Gokhale in Mumbai kgokhale@bloomberg.net.
To contact the editor responsible for this story: Young-Sam Cho at ycho2@bloomberg.net
Webmaster Forum | SEO Forum | Coding Forum | Graphics Forum</b>