IT services giant Infosys Ltd. (NYSE: INFY) revenue rose 2.5% year over year in constant currency in its fiscal second quarter ended Sept. 30, meeting analysts’ estimate. However, the IT services giant pulled back on revenue forecast for the full fiscal year.
The company now forecasts revenue growth of between 1.0% and 2.5% in constant currency for the 2024 fiscal year. Previously, the company forecast revenue growth of between 1.0% and 3.5% in constant currency.
Gross margin and net profit both improved.
North American revenue represented 61.1% of the company’s business in the second quarter, and North American revenue was up 1.0% in constant currency.
Infosys also reported the number of employees fell by 16,454 to 328,764 in the second quarter from 345,218 in the second quarter of last year.
Also today, the company appointed Nitin Paranjpe as an independent director effective Jan. 1. Paranjpe is currently nonexecutive chairman of Hindustan Unilever Ltd. as well as that company’s chief people and chief transformation officer.
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Share price
Shares in Infosys were down 6.67% to $16.44 in New York as of 1:25 p.m. Eastern time; they were 11.71% above their 52-week low, according to FT.com.