Infosys Cuts Sales Forecast Again as Clients Trim Spending
- CEO Vishal Sikka stands by $20 billion revenue goal by 2020
- Revised outlook comes as second-quarter profit tops estimates
Vishal Sikka.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
Infosys Ltd. cut its annual sales forecast for the second time in three months as growth slows in the banking and financial services sectors and clients adopt a more cautious spending approach. Shares slumped.
Sales in U.S. dollar terms will rise 7.5 percent to 8.5 percent in the 12 months ending March, the Bangalore-based company said Friday. That compares with a July forecast by Asia’s second-most valuable exporter of software services for growth of more than 10 percent. The company also posted second-quarter net income of 36.1 billion rupees ($540 million), slightly ahead of analyst estimates.