Dude, so Infosys, the IT services giant, just lost a massive $1.5 billion deal with some undisclosed global company, man. This deal was all about artificial intelligence solutions, and it was supposed to run for 15 years. The goal was to provide cutting-edge digital transformation and modernization services using Infosys’ platforms and AI. But now, they’re saying that the global company has elected to terminate the whole thing! No word on who the mystery company is, or if they were already a client. Crazy, right?
And wait ’til you hear this – they just had their CFO peace out, out of nowhere. After six years, he’s just gone! And there’s all this pressure on Infosys and other IT companies ’cause business has been slow lately. On top of that, they’ve had a ton of high-level management turnover. Like, at least eight people quit in just the last year. That’s a tough road ahead, bro!
But it’s not all bad news. Infosys has been landing some other big deals lately, like a five-year agreement with LKQ Europe, and some massive contracts with Liberty Global and Danske Bank. In fact, their total deals in the last quarter alone hit $7.7 billion. That’s a lotta cheddar, my man!
But despite all that, Infosys didn’t do so great in the last quarter revenue-wise. They had to scale back their full-year revenue guidance because they just didn’t make that much. They’re now looking at, like, 1-2.5% growth, instead of the 1-3.5% they were aiming for. Ouch!
Meanwhile, in September, US chip maker Nvidia announced some big AI moves with Reliance Industries and Tata Consultancy Services. So, Infosys needs to step their game up if they wanna keep up with the competition.
And closing on a positive note, Infosys shares finished 1.68% higher at Rs 1,562 per share at the end of last week. That’s not too shabby!