India's Infosys cuts growth forecast

Information technology provider Infosys Technologies Ltd. on Friday said earnings in the July-September quarter rose 17 percent, but lowered its annual growth forecast on slowing demand amid the global financial crisis. Net profit for the fiscal second quarter rose to US$320 million from US$273 million the same period a year ago. Sales for the quarter ended Sept. 30 rose 19 percent to US$1.2 billion, at the lower edge of its forecast. "In the last four weeks — and it's probably continuing — we've seen a lot of changes in the market," said CEO Kris Gopalakrishnan. "We want to be cautious; that is why we've revised our guidance downward." Infosys is one of India's top outsourcing firms, with a reputation for exceeding its guidance estimates, and investors have been anticipating its earnings as a barometer of how the sector... [read full story]