Update (4:45 p.m.): Updated with Thursday market close information.
The company reported earnings per share of 45 cents, which surpassed the Capital IQ consensus estimate of 41 cents. Revenue rose 9.9% year over year to $302.2 million, which beat expectations of $300.94 million. Gross margin was 37.5%.
The stock closed up 16.42%, or $5.45, to $38.65 from its previous close of $33.20. Approximately 995,000 shares changed hands, more than triple the average volume of 322,945. iGATE was one of the biggest percentage gainers on Thursday.
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Separately, TheStreet Ratings team rates IGATE CORP as a "buy" with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate IGATE CORP (IGTE) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, growth in earnings per share, reasonable valuation levels, solid stock price performance and increase in net income. We feel these strengths outweigh the fact that the company shows weak operating cash flow."
Highlights from the analysis by TheStreet Ratings Team goes as follows: