Infosys, an Indian IT services company, saw its stock plummet by 6.25% during intraday trading on Thursday, despite reporting fiscal third-quarter earnings that met Wall Street expectations for earnings per share and exceeded revenue estimates.
According to the earnings report, Infosys posted a profit of 19 cents per share, in line with the average estimate of four analysts surveyed by Zacks Investment Research. The company's revenue of $4.94 billion for the quarter, however, surpassed analyst expectations of $4.88 billion.
Despite meeting or exceeding analyst estimates, the market reacted negatively to Infosys' earnings release, leading to the steep intraday decline in the company's stock price. It is unclear what specific factors may have contributed to this sell-off, as the earnings report itself did not reveal any concerning details or negative guidance that could explain the market's reaction.
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