Indian software major, Infosys Technologies (NASDAQ:INFY) fell almost 10% after the company announced its December quarter numbers and forecasts for the fourth quarter ending in March.
Third quarter earnings per ADS came in line with estimates at $0.80. Revenues at $1.81 billion were also as per analysts’ expectations and up 13% year on year. Profit was higher than expected at $458 million, up 15.4% year on year.
For the last quarter of the fiscal year, INFY forecast earnings per ADS of $0.81 and revenues in the range of $1.80 – 1.81 billion.
Here’s how investors are currently reacting to the news:
Infosys Technologies Ltd. (NASDAQ:INFY): INFY shares recently traded at $51.81, down $5.06, or 8.9%. They have traded in a 52-week range of $46.12 to $74.25. Volume today was 3,070,270 shares versus a 3-month average volume of 1,749,670 shares. The company’s trailing P/E is 18.64, while trailing earnings are $2.78 per share.