Infosys (NYSE: INFY) reported a decline in earnings for the third quarter of 2024 when the software giant’s revenues remained broadly unchanged year-over-year. The company also revised its full-year guidance.
Third-quarter revenues came in at $4.66 billion, which is in line with the revenue the company generated in the prior year period. Meanwhile, net income decreased to $734 million or $0.18 per share in Q3 from $800 million or $0.18 per share in the same period of 2023.
The management revised its revenue growth guidance for fiscal 2024 to the range of 1.5% to 2.0% and maintained the operating margin guidance at 20%-22%.
“Q3 performance is a demonstration of our strong execution capabilities reflected in improved operational efficiencies achieved under ‘Project Maximus’, despite a challenging environment. Cash generation remained robust with FCF to net profit conversion for Q3 at 90.6%,” said Nilanjan Roy, chief financial officer of Infosys.