Infosys Earnings Up, Price Down - TheStreet

Infosys

(INFY) - Get Report

was down 2.8% by late morning after it posted second-quarter earnings of 23 cents a share, beating the

First Call/Thomson Financial

estimate of 20 cents and the year-ago 11 cents. The Indian software company said it was helped in part by exchange rate fluctuations. In addition, the company said it expects to see a small effect on long-term revenue from

J. Sainsbury's

decision to outsource technology needs despite a contract with it. Infosys today also said it had invested a total of $1.96 million in two tech companies,

Asia Net Media

and

Alpha Thinx Mobile Phone Services

.