Infosys Ltd. (NYSE: INFY) chopped its earnings forecast today when it reported first-quarter results. Infosys now forecasts revenue for its full 2024 fiscal year to be up between 1.0% and 3.5% in constant currency. That is down from an earlier forecast of between 4% and 7%.

The Bengaluru, India-based IT services giant also reported revenue rose 4.2% year over year in constant currency to $4.62 billion in its fiscal first quarter ended June 30. Operating margin rose to 20.8% in the quarter from 20.0% in the year-ago quarter.

North America revenue rose 2.1% in constant currency, European revenue rose 10.1% and Indian revenue rose 13.7%. However, revenue from the rest of the world fell 0.5%.

North America represents the lion’s share of revenue, 60.8%, at Infosys, while Europe represents 26.8%, rest of world represents 9.7% and India represents 2.7%.

In financial services, which represented 28.1% of revenue in the first quarter, revenue fell 4.2% in constant currency.

Share price and market cap

Shares of Infosys trading in New York were down 9.09% to $16.10 as of 12:39 p.m. Eastern time; they were 9.43% above their 52-week low, according to FT.com. the company had a market cap of $74.38 billion.