NEW YORK (TheStreet) -- Infosys (INFY - Get Report) stock is up by 7.11% to $17.63 on heavy trading volume on Thursday, after the company reported its fiscal 2016 third quarter earnings results and raised its annual revenue outlook.
The Indian technology and outsourcing company reported earnings of 23 cents per share, which was in-line with analysts' expectations. Revenue grew by 8.5% year-over-year to $2.4 billion, slightly above analysts' forecasts for revenue of $2.37 billion.
Additionally, the company announced that it expects revenue to rise between 8.9% and 9.3% in dollar terms during fiscal 2016, compared to the company's previous outlook for revenue growth of 6.4% to 8.4%.
"Alongside grassroots innovation, we continue to see growing adoption of our Aikido services, bringing the power of intelligent systems, automation and software to amplify the skills and imaginations of our people," CEO Vishal Sikka said in a statement. "This combination helped us deliver encouraging results despite the traditional seasonality of the quarter and the additional headwinds, and will strengthen the execution of our strategy towards consistent profitable growth."
So far today, 6.65 million shares of Infosys have traded, versus its 30-day average of 3.52 million shares.
Separately, recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:
We rate INFOSYS LTD as a Buy with a ratings score of A-. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, reasonable valuation levels, solid stock price performance and expanding profit margins. We feel its strengths outweigh the fact that the company shows weak operating cash flow.
You can view the full analysis from the report here: INFYINFY data by YCharts