Infosys slashes FY24 growth forecast on low client spend

BENGALURU: Infosys stunned the street with a drastic downward revision of its revenue guidance for the year 2023-24, pushing its share price lower by nearly 10% in early trade on the NYSE on Thursday. The company announced its results for the first quarter after local stock exchanges had closed. Revenue for FY24 is now forecast to grow between 1% and 3.5%, down from 4% to 7% which the company had guided for three months ago. If the actual growth stays within this range, it will be one of the lowest growth rates the company has seen. The company’s worst growth in the past 15 years was during the great financial crisis in 2009-10, when growth fell to 3%.