Infosys’ (NYSE: INFY) revenue rose 8.2% year over year to $2.59 billion in US dollars in its fiscal second quarter ended Sept. 30. The increase was 8.9% in constant currency. Net profit also rose at the global IT services and outsourcing provider.

However, the company revised its consolidated revenue guidance for the fiscal year ending March 31, 2017. It now expects revenue growth of between 8.0% and 9.0% in constant currency, down from an outlook of 10.5% to 12.0% provided with the first-quarter earnings report.

Reuters reported Infosys cut its annual revenue growth target for the second time in three months as India’s software service exporters feel the pinch of major Western clients holding back on spending as they wait to see how November’s US presidential election and Europe’s Brexit play out.

Infosys also announced its board of directors inducted D.N. Prahlad as an independent director, effective Oct. 14. Prahlad is the founder and CEO of Surya Software Systems Private Limited, Bangalore, which focuses on products for financial risk management of financial institutions, particularly banks. He is on the advisory board of Computer Science and Automation Department of Indian Institute of Science, Bangalore. Prahlad was associated with Infosys during its formative years and played a key role in its growth prior to founding Surya.

Quote

“While we continue to navigate an uncertain external environment, we remain focused on executing our strategy and increasing momentum of our software plus services model. Considering our performance in the first half of the year and the near-term uncertain business outlook, we are revising our revenue guidance,” CEO Vishal Sikka said. “Longer-term, I believe it’s increasingly clear that our industry’s future lies in evolving from a cost-based, people-only model, to one in which people are amplified by software and AI, and are freed to innovate in areas that are strategic to our clients’ future. And in this all-important transformation, I am glad to see us make continued progress.”

Share price and market cap

Shares in Infosys fell 5.29% to $15.78 in early afternoon trading today and the company has a market cap of $35.07 billion, according to Yahoo.