Infosys Plunges on Cautious Outlook - TheStreet

SAN FRANCISCO - Bangalore-based Infosys Technologies (INFY) - Get Report fell Friday after the company issued cautious second-quarter guidance.

American depositary shares in the outsourcing-services firm were down $5.54, or 12.6%, to $38.45 in recent trading.

The company reported first-quarter revenue rose 24.5% to $1.16 billion, from a top line of $928 million for the same quarter of last year. Analysts were expecting revenue of $1.15 billion, according to Thomson Reuters.

Net income grew 16.3% to $306 million, or 54 cents a share, vs. $263 million, or 46 cents a share, in the year-ago period. Analysts were looking for a bottom line of $292.7 million and EPS of 51 cents.

For the second quarter, Infosys projected a top line of $1.22 billion to $1.23 billion and EPS of 55 cents or 56 cents. Analysts were looking for revenue of $1.23 billion and EPS of 56 cents.

Infosys reaffirmed guidance for full-year revenue ranging from $4.97 billion to $5.05 billion. The company raised EPS estimates by a penny on each end, to a range of $2.32 to $2.36. Analysts were expecting $5.03 billion and EPS of $2.31.