Shares of Indian IT major Infosys (NYSE:INFY) are sliding lower today after its fourth-quarter numbers failed to scale past estimates.
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Revenue rose 6.3% year-over-year to $4.55 billion but lagged expectations by $180 million. EPS at $0.18 too fell short of expectations by $0.01. During the quarter, Infosys witnessed double-digit growth in Retail, Manufacturing, Life Sciences and Energy, Utilities, Resources & Services verticals. Financial Services and Communications units though saw a decline.
Looking ahead, for fiscal 2024, the company expects revenue to rise in the range of 4% to 7%. Operating margin is seen hovering between 20% and 22%.
After dropping nearly 6.4% year-to-date, shares of the company are down a further 5.6% in the pre-market session today already.
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