Shares of Indian IT major Infosys Ltd. (NYSE:INFY) are plummeting today after the company delivered a mixed set of first-quarter numbers while slashing its topline expectations.
Revenue increased 4.1% year-over-year to $4.62 billion, landing past estimates by $10 million. EPS at $0.17 though missed the cut by $0.01. While large deal TCV stood at $2.3 billion, total active client projects came in at 80. Recently, Infosys also launched Topaz, an AI-first offering that utilizes generative AI technologies.
Looking ahead, for the full-year 2024, the company expects revenue to rise in the range of 1% to 3.5% with operating margin hovering between 20% and 22%. In comparison, it had earlier guided for revenue growth between 4% to 7% for the year.
Overall, the Street has a $15.75 consensus price target on Infosys alongside a Hold consensus rating. Shares of the company have now dropped nearly 14.5% over the past year.
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