Infosys’ (NYSE: INFY) revenue rose 10.9% year over year to $2.50 billion in US dollars in its fiscal first quarter ended June 30. The increase was 12.1% in constant currency. Net profit also rose at the global IT services and outsourcing provider.

However, Bloomberg News reported the company cut its annual sales forecast, sending its stock down.

Quote

“We had unanticipated headwinds in discretionary spending in consulting services and package implementations as well as slower project ramp-ups in large deals that we had won in earlier quarters, resulting in a lower than expected growth in Q1,” CEO Vishal Sikka said. “Despite this, I am very encouraged by our progress in the execution of our strategy. We launched Infosys Mana, our AI based approach to helping clients continuously renovate their business processes and have already delivered on first client successes.”

Share price and market cap

Shares in Infosys fell 9.54% to $16.68 in early afternoon trading today and the company has a market cap of $38.1 billion, according to Yahoo!