
Infosys ADR plummets over 6% on weak guidance; stock falls 4%
Post Q2 results, the U.S.-listed shares of Infosys plunged 6.5% to $16.46 in overnight trade on NYSE after the IT heavyweight cut revenue guidance for the second in a row.
Post Q2 results, the U.S.-listed shares of Infosys plunged 6.5% to $16.46 in overnight trade on NYSE after the IT heavyweight cut revenue guidance for the second in a row.
The financial results and proposal for interim dividend, if any, will be presented to the board of directors on October 12, 2023 for their approval,” Infosys says in an exchange filing.
In June this year, Infosys signed a deal to acquire Danske Bank’s IT centre in India, where over 1,400 professionals are employed.
Infosys to deploy cutting-edge tech like Infosys Topaz AI to offer new features, capabilities, and efficiencies for Liberty Global
The company lowered the revenue guidance for FY24 to 1-3.5% in CC terms despite a strong total contract value of $2.3 billion in Q1 FY24.
Infosys signs the mega deal ahead of its first quarter earnings, which is slated to be released on July 20.
As part of this collaboration, Infosys will acquire Danske Bank’s IT centre in India, where over 1,400 professionals are employed.
The IT heavyweight has fallen 11% in two of three trading sessions post Q4 results, while it lost ₹62,477 crore in market valuation during the same period.
Infosys shares currently trade below its average target of ₹1,720.36, a potential upside of 24% from the current market price
The development comes ahead of the company’s July to September quarter results slated to be released on October 13.