Infosys Ltd. ADR (NASDAQ:INFY) shares declined 16% in premarket session on Friday. The Indian software firm announced on Friday lesser than predicted revenue for the fiscal Q4 as the company continues to contend to achieve its growth predictions.
Infosys Ltd. (INFY) announced that its fiscal fourth-quarter net profit jumped up 3% from a year ago same quarter figures but revenue arrived lower than anticipations moving the software exporter’s shares lower above 14% in the start of Friday.
At the current trading session, Infosys Ltd ADR (NYSE:INFY) shares are down -19.41% to $43.79 while the stocks are trading within the range of $42.87 – $45.26. In the past year, the stock has traded within a range of $37.93 – $56.87. The current session’s volume of 13.36 million shares is lower from their average daily trading volume of 1.61 million shares.
Over the last past few years, India’s second-biggest software exporter in terms of revenue has been facing headwinds to meet its own growth predictions as markets in the US and Europe worsened and a latest strategy by the firm to change it into a high-profile consulting company failed to work.
The Infosys miss pulled lower shares of competitor Cognizant Technology Solutions Corp., (NASDAQ:CTSH) which shares declined 5.1% on Friday morning.
Cognizant Technology Solutions Corp (NASDAQ:CTSH) shares are down -3.63% to $74.84 while the stock is trading within the range of $74.11 – $75.63 in the current trading session. In the last 12 months the shares have traded between $53.92 and $81.08. The current session’s volume of 2.77 million shares is higher from their average daily trading volume of 1.79 million shares.
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