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Infosys (INFY) & Microsoft Team Up to Leverage AI Capabilities
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Infosys (INFY - Free Report) and Microsoft (MSFT - Free Report) have collaborated to leverage its artificial intelligence (AI) solutions, such as Infosys Topaz, Azure OpenAI Service and Azure Cognitive Service, to develop industry-scale solutions.
Infosys Topaz was launched in May 2023 as an AI-first set of services, solutions and platforms using generative AI technologies. Microsoft’s Azure Open AI and Azure Cognitive Services are AI-based services that are used by software professionals and can assist from coding to analysis.
This collaboration will enable the customers to transition from digital to AI-based solutions that will enhance the democratization of data and intelligence boosting productivity, operational efficiency, while decreasing turn-around-time.
INFY has been ramping up its AI offerings as the success of OpenAI’s ChatGPT has demonstrated the AI technology’s potential to improve operations in almost every industry. The company's Topaz product suite helps amplify the potential of humans, enterprises and communities to tap the next generation of opportunities.
Infosys is strategically leveraging its AI capabilities at a time when cost efficiency and consolidation are top priorities for its clients. The company has already undertaken 80 generative AI projects for clients, as reported during the first quarter of 2024 earnings conference.
The company’s AI segment is seeing some potential in Retail, Communication and Original Equipment Manufacturer clients, who are focusing on digital transformation, cost saving and operational optimization.
In the first quarter of 2024, the company’s revenues grew by 4.2% on a year-over-year basis in constant currency. INFY expects its second-quarter fiscal 2024 revenues to come between $4.42 billion and $4.69 billion. The Zacks Consensus Estimate for the quarter is pegged at $4.57 billion, with a flat 0.31% return.
Zacks Rank
Infosys has a Zacks Rank #4 (Sell), whereas Microsoft carries a Zacks Rank #3 (Hold) at present. The INFY stock has declined 4.1% in the year-to-date period, while shares of MSFT have rallied 30.1% year to date.
The Zacks Consensus Estimate for NVIDIA's third-quarter fiscal 2024 earnings has been revised upward by 8 cents to $3.32 per share in the past 30 days. For fiscal 2024, earnings estimates have increased by 21 cents to $10.67 per share in the past 30 days.
NVIDIA’s earnings beat the Zacks Consensus Estimate thrice in the preceding four quarters, while missing once, the average surprise being 9.8%. Shares of NVDA have surged 186.9% year to date.
The Zacks Consensus Estimate for Paylocity’s first-quarter fiscal 2024 earnings has remained unchanged at $1.07 per share in the past 60 days. For fiscal 2024, earnings estimates have moved 31 cents upward to $5.58 per share in the past 60 days.
Paylocity’s earnings beat the Zacks Consensus Estimate in each of the preceding four quarters, the average surprise being 39.7%. Shares of PCTY have declined 8.7% year to date.
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Infosys (INFY) & Microsoft Team Up to Leverage AI Capabilities
Infosys (INFY - Free Report) and Microsoft (MSFT - Free Report) have collaborated to leverage its artificial intelligence (AI) solutions, such as Infosys Topaz, Azure OpenAI Service and Azure Cognitive Service, to develop industry-scale solutions.
Infosys Topaz was launched in May 2023 as an AI-first set of services, solutions and platforms using generative AI technologies. Microsoft’s Azure Open AI and Azure Cognitive Services are AI-based services that are used by software professionals and can assist from coding to analysis.
This collaboration will enable the customers to transition from digital to AI-based solutions that will enhance the democratization of data and intelligence boosting productivity, operational efficiency, while decreasing turn-around-time.
Infosys Limited Price and Consensus
Infosys Limited price-consensus-chart | Infosys Limited Quote
Infosys Banks on AI Opportunities
INFY has been ramping up its AI offerings as the success of OpenAI’s ChatGPT has demonstrated the AI technology’s potential to improve operations in almost every industry. The company's Topaz product suite helps amplify the potential of humans, enterprises and communities to tap the next generation of opportunities.
Infosys is strategically leveraging its AI capabilities at a time when cost efficiency and consolidation are top priorities for its clients. The company has already undertaken 80 generative AI projects for clients, as reported during the first quarter of 2024 earnings conference.
The company’s AI segment is seeing some potential in Retail, Communication and Original Equipment Manufacturer clients, who are focusing on digital transformation, cost saving and operational optimization.
In the first quarter of 2024, the company’s revenues grew by 4.2% on a year-over-year basis in constant currency. INFY expects its second-quarter fiscal 2024 revenues to come between $4.42 billion and $4.69 billion. The Zacks Consensus Estimate for the quarter is pegged at $4.57 billion, with a flat 0.31% return.
Zacks Rank
Infosys has a Zacks Rank #4 (Sell), whereas Microsoft carries a Zacks Rank #3 (Hold) at present. The INFY stock has declined 4.1% in the year-to-date period, while shares of MSFT have rallied 30.1% year to date.
Stocks to Consider
Some better-ranked stocks from the broader technology sector are NVIDIA (NVDA - Free Report) and Paylocity Holding (PCTY - 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 NVIDIA's third-quarter fiscal 2024 earnings has been revised upward by 8 cents to $3.32 per share in the past 30 days. For fiscal 2024, earnings estimates have increased by 21 cents to $10.67 per share in the past 30 days.
NVIDIA’s earnings beat the Zacks Consensus Estimate thrice in the preceding four quarters, while missing once, the average surprise being 9.8%. Shares of NVDA have surged 186.9% year to date.
The Zacks Consensus Estimate for Paylocity’s first-quarter fiscal 2024 earnings has remained unchanged at $1.07 per share in the past 60 days. For fiscal 2024, earnings estimates have moved 31 cents upward to $5.58 per share in the past 60 days.
Paylocity’s earnings beat the Zacks Consensus Estimate in each of the preceding four quarters, the average surprise being 39.7%. Shares of PCTY have declined 8.7% year to date.