2023-04-13 16:23:31 ET
- Infosys ( NYSE: INFY ) shares fell nearly 10% Thursday after the information technology services company reported disappointing fourth-quarter results.
- Prior to the start of trading, Infosys ( INFY ) reported earnings and sales that missed Wall Street's expectations , which added to growing concerns that IT spending budgets are likely to remain tight for the foreseeable future.
- Investors used Infosys' ( INFY ) report to sell off the company's shares in a day of much higher-than-usual trading volume. By the time U.S. stock markets closed, more than 36M shares of Infosys ( INFY ) stock had traded hands, or more than four time the 8.1M shares that are exchange on a daily basis.
- Analysts also turned their backs on Infosys ( INFY ), as both Nomura and Citigroup cut their ratings on the company's stock to neutral from buy .
- Wall Street analysts and Seeking Alpha contributors both have consensus buy ratings on Infosys' ( INFY ) stock. Meanwhile, Seeking Alpha's Quant System, which historically outperforms the stock market, gives Infosys' ( INFY ) shares a rating of hold .
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Why did Infosys stock fall almost 10% Thursday? Blame it on a down quarter