NEW YORK (TheStreet) -- Infosys (INFY - Get Report) stock is gaining 8.73% to $20.06 on heavy trading volume on Friday afternoon following the company's solid financial results for the fiscal 2016 fourth quarter.
Before today's market open, the India-based consulting, technology and outsourcing services provider reported revenue that exceeded expectations and earnings that were in line with estimates.
Revenue increased 13.3% year over year to $2.45 billion for the quarter ended March 31, beating estimates of $2.43 billion. Infosys posted a profit of 23 cents per share, meeting estimates for the latest quarter.
Additionally, the company expects revenue to increase 11.8% to 13.8% year over year for the 2017 fiscal year, while analysts were estimating a 10.1% jump in revenue.
So far today, 8.99 million shares of Infosys have exchanged hands, compared with its average daily volume of 4.73 million shares.
Separately, Infosys has a "buy" rating and a letter grade of A- at TheStreet Ratings because of the company's revenue growth, largely solid financial position with reasonable debt levels by most measures, reasonable valuation levels, increase in net income and solid stock price performance.
You can view the full analysis from the report here: INFY
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 article's author.