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Infosys (INFY) Expands in Nordics With New Proximity Center
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Infosys (INFY - Free Report) announced opening a proximity center in Oslo city, the capital of Norway, with an aim to accelerate digital transformation among the company’s clients in the Nordic region.
The planned proximity center intends to provide next-generational digital technologies and skills to clients from Oslo, helping them navigate to the next level in their digitization journeys. Clients from the major Norway city will leverage technologies like cloud, Internet of Things, 5G, software engineering and artificial intelligence from Infosys to advance their digital transformation journeys.
The center will allow Infosys to not only expand its opportunities in the local industries of Oslo but also increase its reach to the Norway market and clients. Thus, this investment will enhance Infosys’ localization strategy in the Nordic region.
Earlier to this, Infosys opened a proximity center in Sweden’s Gothenburg city in December 2022. The company has been enhancing its footprints in the Nordics region by entering fresh partnerships, including the one with Lefdal Mine Datacenter in Norway. It has acquired businesses, such as Fluido in Finland and BASE Life Science in Denmark, to expand its footprint in the region.
Infosys has been reinforcing its digital transformation capabilities to expand and solidify its position in the highly competitive environment. It enables its clients across more than 56 countries to create and execute strategies for their digital transformation. Such efforts in the digital transformation business will aid the company in competing with peers like Accenture and Cognizant.
In May 2023, the company launched Infosys Topaz — an AI-first set of services, solutions and platforms using generative AI technologies. The product suite helps amplify the potential of humans, enterprises and communities to tap into the next generation of opportunities.
In the same month, the global integrated energy company, BP Plc, signed a Memorandum of Understanding (“MoU”) under which it selected Infosys as the primary partner for end-to-end application services, including development, modernization, management and maintenance. With the newly signed MoU, the IT consulting services provider deepens its over two-decade long-standing relationship with the global energy company.
Back-to-back contract wins are driving Infosys’ top-line performance. In fourth-quarter fiscal 2023 results, the company’s revenues and non-GAAP earnings increased 6.4% and 0.2%, respectively, on a year-over-year basis.
Nonetheless, Infosys’ near-term growth prospects may be hurt by slowing IT spending as organizations are postponing their plans of investing in big and expensive technology products on growing global slowdown concerns amid the persistent macroeconomic headwinds and geopolitical tensions. Moreover, elevated operating expenses related to hiring employees, and sales and marketing strategies to capture more market share are likely to strain margins in the near term.
These, along with the rapid proliferation of customizable Internet-based software, have been hampering Infosys’ traditional outsourcing business. These challenges may weigh on the company’s profitability, going ahead.
Zacks Rank & Stocks to Consider
Infosys currently carries a Zacks Rank #3 (Hold). Shares of INFY have plunged 13.2% year to date (YTD).
The Zacks Consensus Estimate for Meta's second-quarter 2023 earnings has been revised 2 cents southward to $2.85 per share in the past seven days. For 2023, earnings estimates have been revised 2.4% upward to $12.04 per share in the past 30 days.
Meta’s earnings beat the Zacks Consensus Estimate twice in the preceding four quarters, while missing the same on two occasions, the average surprise being 15.5%. Shares of META have surged 119% YTD.
The Zacks Consensus Estimate for Manhattan Associates' second-quarter 2023 earnings has been revised upward by a couple of cents to 72 cents per share for the past 60 days. For 2023, earnings estimates have moved upward by 17 cents to $2.87 per share in the past 60 days.
Manhattan Associates' earnings beat the Zacks Consensus Estimate in the preceding four quarters, the average surprise being 33.6%. Shares of MANH have soared 50.9% YTD.
The Zacks Consensus Estimate for Blackbaud’s second-quarter 2023 earnings has been revised 2 cents northward to 93 cents per share in the past 30 days. For 2023, earnings estimates increased 30 days ago to $3.75 per share from $3.68.
Blackbaud's earnings beat the Zacks Consensus Estimate in the preceding four quarters, the average surprise being 10.4%. Shares of BLKB have rallied 24.8% YTD.
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Infosys (INFY) Expands in Nordics With New Proximity Center
Infosys (INFY - Free Report) announced opening a proximity center in Oslo city, the capital of Norway, with an aim to accelerate digital transformation among the company’s clients in the Nordic region.
The planned proximity center intends to provide next-generational digital technologies and skills to clients from Oslo, helping them navigate to the next level in their digitization journeys. Clients from the major Norway city will leverage technologies like cloud, Internet of Things, 5G, software engineering and artificial intelligence from Infosys to advance their digital transformation journeys.
The center will allow Infosys to not only expand its opportunities in the local industries of Oslo but also increase its reach to the Norway market and clients. Thus, this investment will enhance Infosys’ localization strategy in the Nordic region.
Earlier to this, Infosys opened a proximity center in Sweden’s Gothenburg city in December 2022. The company has been enhancing its footprints in the Nordics region by entering fresh partnerships, including the one with Lefdal Mine Datacenter in Norway. It has acquired businesses, such as Fluido in Finland and BASE Life Science in Denmark, to expand its footprint in the region.
Infosys Limited Price and Consensus
Infosys Limited price-consensus-chart | Infosys Limited Quote
Infosys has been reinforcing its digital transformation capabilities to expand and solidify its position in the highly competitive environment. It enables its clients across more than 56 countries to create and execute strategies for their digital transformation. Such efforts in the digital transformation business will aid the company in competing with peers like Accenture and Cognizant.
In May 2023, the company launched Infosys Topaz — an AI-first set of services, solutions and platforms using generative AI technologies. The product suite helps amplify the potential of humans, enterprises and communities to tap into the next generation of opportunities.
In the same month, the global integrated energy company, BP Plc, signed a Memorandum of Understanding (“MoU”) under which it selected Infosys as the primary partner for end-to-end application services, including development, modernization, management and maintenance. With the newly signed MoU, the IT consulting services provider deepens its over two-decade long-standing relationship with the global energy company.
Back-to-back contract wins are driving Infosys’ top-line performance. In fourth-quarter fiscal 2023 results, the company’s revenues and non-GAAP earnings increased 6.4% and 0.2%, respectively, on a year-over-year basis.
Nonetheless, Infosys’ near-term growth prospects may be hurt by slowing IT spending as organizations are postponing their plans of investing in big and expensive technology products on growing global slowdown concerns amid the persistent macroeconomic headwinds and geopolitical tensions. Moreover, elevated operating expenses related to hiring employees, and sales and marketing strategies to capture more market share are likely to strain margins in the near term.
These, along with the rapid proliferation of customizable Internet-based software, have been hampering Infosys’ traditional outsourcing business. These challenges may weigh on the company’s profitability, going ahead.
Zacks Rank & Stocks to Consider
Infosys currently carries a Zacks Rank #3 (Hold). Shares of INFY have plunged 13.2% year to date (YTD).
Some better-ranked stocks from the broader technology sector are Meta Platforms (META - Free Report) , Manhattan Associates (MANH - Free Report) and Blackbaud (BLKB - Free Report) , each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today's Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Meta's second-quarter 2023 earnings has been revised 2 cents southward to $2.85 per share in the past seven days. For 2023, earnings estimates have been revised 2.4% upward to $12.04 per share in the past 30 days.
Meta’s earnings beat the Zacks Consensus Estimate twice in the preceding four quarters, while missing the same on two occasions, the average surprise being 15.5%. Shares of META have surged 119% YTD.
The Zacks Consensus Estimate for Manhattan Associates' second-quarter 2023 earnings has been revised upward by a couple of cents to 72 cents per share for the past 60 days. For 2023, earnings estimates have moved upward by 17 cents to $2.87 per share in the past 60 days.
Manhattan Associates' earnings beat the Zacks Consensus Estimate in the preceding four quarters, the average surprise being 33.6%. Shares of MANH have soared 50.9% YTD.
The Zacks Consensus Estimate for Blackbaud’s second-quarter 2023 earnings has been revised 2 cents northward to 93 cents per share in the past 30 days. For 2023, earnings estimates increased 30 days ago to $3.75 per share from $3.68.
Blackbaud's earnings beat the Zacks Consensus Estimate in the preceding four quarters, the average surprise being 10.4%. Shares of BLKB have rallied 24.8% YTD.