Infosys slashes top end of FY revenue guidance, U.S.-listed shares fall premarket

October 12, 2023 8:05 AM EDT -- U.S.-listed shares in Infosys (NYSE: INFY) fell in premarket trading on Thursday after the Indian software-services exporter slashed the upper end of its full-year revenue growth outlook.

In its quarterly latest financial results, the Bengaluru-based company said it now expects fiscal year 2024 sales to rise by 1.0%-2.5% at constant currencies, down from its prior guidance of 1.0%-3.5%.

Meanwhile, consolidated net profit at the firm jumped to 62.12 billion rupees ($1 = 83.24 rupees) during the three-months ended on Sept. 30, although this missed profit estimates of 62.95B rupees, Reuters said, citing LSEG IBES data.

The figures come after fellow IT services provider Tata Consultancy Services (NS:TCS) flagged a slowing in client spending due to elevated inflationary pressures and higher interest rates. Peer Accenture (NYSE: ACN) has also unveiled annual earnings forecasts that missed Wall Street projections.

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