Management consulting company Infosys Limited (NYSE: INFY) on Wednesday reported higher revenues and profit for the second quarter of 2022. Earnings matched the consensus estimates, while revenues beat.
The India-based tech firm reported net profit of $733 million or $0.17 per share for the September quarter, which is higher than $653 million or $0.15 per share reported in the prior-year quarter. Earnings matched Wall Street’s expectations.
The income growth was driven by a 21% increase in revenues to $3.99 billion, which marked a faster growth than what was widely expected.
“As we witness a strong market opportunity with global enterprises rapidly accelerating their digital journeys, our sustained investments in expanding capabilities, including the differentiated cloud play, Infosys Cobalt, has uniquely positioned us to continue serving our clients effectively, gain market share and emerge as the preferred cloud and digital transformation partner in the market,” said Salil Parekh, CEO of Infosys.
In the past six months, Infosys’ stock gained about 19%, continuing the uptrend seen since the beginning of the year. The shares moved up early Wednesday following the earnings release, after closing the previous session higher.