Software giant Infosys Limited (NYSE: INFY) on Monday reported financial results for the first quarter of 2023. Earnings declined despite an increase in revenues, hurt by a spike in costs.
First-quarter net income declined to $689 million or $0.16 per share from $705 million or $0.17 per share in the same period last year. The latest number also missed analysts’ forecasts. Meanwhile, revenues increased 18% year-over-year to $4.44 billion and beat the estimates by a slight margin.
Check this space to read management/analysts’ comments on Infosys’ Q1 2023 earnings
“Our strong overall performance in Q1 amidst an uncertain economic environment is a testament to our
innate resilience as an organization, our industry-leading digital capabilities, and continued client relevance.
We continue to gain market share and see a significant pipeline driven by our Cobalt cloud capabilities and
differentiated digital value proposition,” said Salil Parekh, CEO of Infosys.