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Infosys (INFY) to Accelerate Danske Bank's Digitization
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Infosys (INFY - Free Report) recently entered into a strategic collaboration with one of the leading Nordic banks, Danske Bank, to accelerate the bank's digital transformation journey with speed and scale.
With the help of Infosys Topaz, the Bengaluru-headquartered company will significantly enhance the bank’s information technology (IT) operations and capabilities. This will help Danske Bank achieve operational efficiency and improve customer experiences. The collaboration will utilize INFY’s next-generation artificial intelligence (AI) solutions to accelerate the bank’s cloud migration initiatives.
Infosys will also acquire Danske Bank's India-based IT center employing 1,400 digitally skilled professionals as part of the agreement. These moves will expand the company’s global presence, strengthening its Nordic commitment. On Jun 7, INFY announced that it opened a proximity center in Oslo, the capital of Norway, with an aim to accelerate digital transformation among the company’s clients in the Nordic region. Prior to this, it 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 launched Infosys Topaz in May 2023. Topaz is 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.
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. Back-to-back contract wins are driving the company’s top-line performance. In fourth-quarter fiscal 2023 results, INFY’s revenues and non-GAAP earnings increased 6.4% and 0.2%, respectively, on a year-over-year basis.
In May, Infosys collaborated with Adobe to transform the digital workforce through Infosys Springboard, under its Tech for Good charter. In the same month, the global integrated energy company, BP Plc, signed a Memorandum of Understanding (MoU) to select INFY 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.
Despite continuous deal wins, 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 has a Zacks Rank #4 (Sell). Shares of INFY have lost 16% in the past year.
The Zacks Consensus Estimate for Salesforce’s second-quarter fiscal 2024 earnings has been revised northward by 12.4% to $1.90 per share over the past 30 days. For fiscal 2024, earnings estimates have moved up by 33 cents to $7.44 in the past 30 days.
CRM's earnings beat the Zacks Consensus Estimate in all the trailing four quarters, the average surprise being 15.5%. Shares of the company have gained 22.4% in the past year.
The Zacks Consensus Estimate for NVIDIA’s second-quarter fiscal 2024 earnings has been revised southward from $1.50 to $2.04 per share over the past 30 days. For 2023, earnings estimates have moved up by 27.7% to $7.66 in the past 30 days.
NVDA's earnings beat the Zacks Consensus Estimate in two of the trailing four quarters, missing twice, the average surprise being 0.26%. Shares of the company have soared 169.4% in the past year.
The Zacks Consensus Estimate for Meta Platforms' second-quarter 2023 earnings has been revised downward by 5 cents to $2.82 per share over the past 30 days. For 2023, earnings estimates have moved south by a penny to $11.94 in the past 30 days.
META’s earnings beat the Zacks Consensus Estimate in two of the trailing four quarters, missing twice, the average surprise being 15.5%. Shares of the company have surged 75.1% in the past year.
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Infosys (INFY) to Accelerate Danske Bank's Digitization
Infosys (INFY - Free Report) recently entered into a strategic collaboration with one of the leading Nordic banks, Danske Bank, to accelerate the bank's digital transformation journey with speed and scale.
With the help of Infosys Topaz, the Bengaluru-headquartered company will significantly enhance the bank’s information technology (IT) operations and capabilities. This will help Danske Bank achieve operational efficiency and improve customer experiences. The collaboration will utilize INFY’s next-generation artificial intelligence (AI) solutions to accelerate the bank’s cloud migration initiatives.
Infosys will also acquire Danske Bank's India-based IT center employing 1,400 digitally skilled professionals as part of the agreement. These moves will expand the company’s global presence, strengthening its Nordic commitment. On Jun 7, INFY announced that it opened a proximity center in Oslo, the capital of Norway, with an aim to accelerate digital transformation among the company’s clients in the Nordic region. Prior to this, it 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 launched Infosys Topaz in May 2023. Topaz is 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.
Infosys Price and Consensus
Infosys price-consensus-chart | Infosys 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. Back-to-back contract wins are driving the company’s top-line performance. In fourth-quarter fiscal 2023 results, INFY’s revenues and non-GAAP earnings increased 6.4% and 0.2%, respectively, on a year-over-year basis.
In May, Infosys collaborated with Adobe to transform the digital workforce through Infosys Springboard, under its Tech for Good charter. In the same month, the global integrated energy company, BP Plc, signed a Memorandum of Understanding (MoU) to select INFY 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.
Despite continuous deal wins, 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 has a Zacks Rank #4 (Sell). Shares of INFY have lost 16% in the past year.
Some better-ranked stocks from the broader Computer and Technology sector are Salesforce (CRM - Free Report) , NVIDIA Corporation (NVDA - Free Report) and Meta Platforms (META - Free Report) . While Salesforce and NVIDIA sport a Zacks Rank #1 (Strong Buy), Meta carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today's Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Salesforce’s second-quarter fiscal 2024 earnings has been revised northward by 12.4% to $1.90 per share over the past 30 days. For fiscal 2024, earnings estimates have moved up by 33 cents to $7.44 in the past 30 days.
CRM's earnings beat the Zacks Consensus Estimate in all the trailing four quarters, the average surprise being 15.5%. Shares of the company have gained 22.4% in the past year.
The Zacks Consensus Estimate for NVIDIA’s second-quarter fiscal 2024 earnings has been revised southward from $1.50 to $2.04 per share over the past 30 days. For 2023, earnings estimates have moved up by 27.7% to $7.66 in the past 30 days.
NVDA's earnings beat the Zacks Consensus Estimate in two of the trailing four quarters, missing twice, the average surprise being 0.26%. Shares of the company have soared 169.4% in the past year.
The Zacks Consensus Estimate for Meta Platforms' second-quarter 2023 earnings has been revised downward by 5 cents to $2.82 per share over the past 30 days. For 2023, earnings estimates have moved south by a penny to $11.94 in the past 30 days.
META’s earnings beat the Zacks Consensus Estimate in two of the trailing four quarters, missing twice, the average surprise being 15.5%. Shares of the company have surged 75.1% in the past year.