Infosys Backs FY24 Margin View, Cuts Revenue Growth Outlook; Stock Down In Premarket

(RTTNews) - Infosys Ltd (INFY), while announcing higher second-quarter results, on Thursday maintained its fiscal 2024 operating margin guidance, but trimmed the top end of its revenue growth view range.

In pre-market activity on the NYSE, the shares were losing around 2.7 percent to trade at $17.13.

For the year, operating margin guidance is retained at 20 percent-22 percent. The company now expects revenue growth in constant currency would be between 1.0 percent and 2.5 percent, compared to previous revenue growth guidance of 1.0 percent to 3.5 percent.

In its second quarter, Infosys released earnings in line with the Street estimates.

The company's bottom line totaled $751 million, or $0.18 per share. This compares with $748 million, or $0.18 per share, in last year's second quarter.

Analysts on average had expected the company to earn $0.18 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 3.5 percent to $4.72 billion from $4.56 billion last year.

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