Why Infosys Stock Rose 33% in July
Shares of Infosys (NYSE: INFY) gained 33% in July, according to data from S&P Global Market Intelligence. The global consulting and outsourcing veteran reported solid fiscal first-quarter results in a difficult market environment.
The Bengaluru-based company saw sales fall 0.3% year over year to $3.12 billion. Revenue increased by 1.5% when measured in constant currencies. Earnings rose 4% to $0.13 per diluted share. Your average analyst would have settled for earnings near $0.12 per share on sales of roughly $2.94 billion. The report sent Infosys stock 12% higher in a single day.
The earnings-based boost was sustained by several bullish analyst reactions to the results. Near the end of July, Infosys experienced another significant win when utility company Consolidated Edison signed a four-year deal with Infosys to inject digital know-how and modern tools into the company's customer service systems.
Source Fool.com
