Infosys Q1 Profit Rises, But Misses Estimates; Cuts FY24 Revenue View; Stock Down In Premarket

(RTTNews) - Indian tech firm Infosys Ltd (INFY) reported Thursday that its first-quarter net profit after minority interest grew 5.1 percent to $724 million from last year's $689 million.

Earnings per share were $0.17, up 6.6 percent from last year's $0.16.

On average, six analysts polled by Thomson Reuters expected earnings of $0.18 per share for the quarter. Analysts' estimates typically exclude special items.

Operating margin for the quarter was stable at 20.8 percent.

Revenues for the quarter increased 4 percent to $4.62 billion from prior year's $4.44 billion. Revenues grew 4.2 percent at constant currency rates.

The Street expected revenues of $4.58 billion for the quarter.

Looking ahead for fiscal 2024, the company revised revenue growth guidance to 1.0 percent to 3.5 percent from previous estimate of 4 percent to 7 percent growth, while retained operating margin guidance at 20 percent-22 percent.

In pre-market activity on the NYSE, Infosys shares were trading at $16.69, down 5.76 percent.

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