Wednesday, April 15, 2009

Infosys sees annual sales drop for the first time

Infosys Technologies Ltd forecast its first decline in annual revenue as global demand for outsourcing slowed in a harsh economic climate, halting growth for India's once burgeoning technology services sector. The weaker-than-expected outlook sent shares in the country's second-largest software services exporter sliding as much as 7.7 percent in India, after the company beat market forecasts with a 29 percent jump in quarterly profit. Infosys' U.S. shares dropped 8 percent in early New York trading. India's $60 billion outsourcing sector, which provides services from software coding to managing computer networks and call centers, faces weak demand and rising competition from global rivals such as IBM.

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