Infosys Ltd ADR (NYSE:INFY) shares fell more than 3 percent in the pre-market session on Friday following the news that the company has cut its revenue outlook for the full year amid more cautious spending approach from clients and slow growth in the banking and financial services areas.
The Bangalore-based company is now expecting revenue to surge in a range of 7.5 percent to 8.5 percent for the full-year ending March, down from a growth of more than 10 percent it had predicted in July.
Infosys also reported its financial results for the second quarter. The company posted earnings of 36.06 billion rupees or $539 million for the three-month period ended Sept. 30, up from 33.98 billion rupees in the same period last year, and also above consensus forecast of 35.49 billion rupees.
Revenue for the quarter came in at 173 billion rupees, up 10 percent from the same period last year. Analysts on average were looking for a revenue of 171.8 billion rupees.
INFY shares ended their last trading session at $16.65 by gaining 4.52 percent. The 52-week range of the stock is $15.48-$20.47. The stock has declined about 13 percent over the past year. The company’s market cap is $37.55 billion and P/E ratio is 18.30.