NEW YORK ( TheStreet) -- VanceInfo Technologies ( VIT) shares were lower Wednesday after the company reported an increase in third-quarter earnings.

The China-based information technology services provider and software developer reported net earnings of $7.7 million, up from $5.8 million a year earlier. Earnings per share were 18 cents, up from 14 cents a year earlier. Net revenue was $55.9 million, up 39% from a year before.

Excluding special items, EPS was 21 cents, topping analysts' estimates for 19 cents. On average, analysts expected revenue of $54 million.

On Nov. 15, Jefferies reaffirmed a "buy" rating to the stock, raising the target price to $41 from the earlier $30.

For 2010, the company raised its guidance and expects to generate net revenue in the range of $208.5 million to $209.5 million, up 41% from 2009 levels. Earnings per share are estimated between 68 cents and 70 cents.

Shares of VanceInfo were trading down 69 cents at $33.73 around 10 a.m. EST Wednesday.