Infosys Profits Up 26% This Quarter

But investors disappointed in year's revenue forecast—shares fall 1.3%
By Laila Weir,  Newser User
Posted Jan 11, 2008 2:21 PM CST
Infosys Technologies Ltd. Chief Executive Officer K. Gopalakrishnan, right, along with Chief Financial Officer V. Balakrishnan look on after announcing the company's quarterly financial results at their...   (Associated Press)
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(Newser) – Infosys saw its profit go up 25.6% int the October to December quarter, the Indian company said Friday. It credited tax refunds and new outsourcing jobs: the company added 47 clients, including an unnamed European bank and a global brokerage firm, reports AP. Infosys raised its 2007 revenue forecast slightly, but not enough to match investors’ expectations, and its shares dropped by 1.3%.

While profit for the quarter outstripping many forecasts, they wanted more. "The earnings and operating margin performance are more or less in line with expectations, but the company hasn't increased its full-year earnings guidance enough to enthuse the market," one Mumbai-based analyst told Marketwatch. Infosys is India’s second-largest software company.