Patni Computer Systems (PTI), a Mumbai-based IT services provider, this morning reported Q2 revenue of $167.6 million,falling short of the Street consensus at $171.8 million. Profits of 49 cents per American Depositary Share, though, beat the Street at 42 cents.
For Q3, the company sees revenue of $176 million to $177 million, with net income of $22.5 million to $23 million, excluding hedging gains of losses. (That compares with net income of $31.7 million in Q2.) The Street has been projecting $181 million and profits of 41 cents a share.
CEO Jeya Kumar said in a statement that while there has been a general improvement in demand, “predictability and sustainability of growth is still challenging.” He notes that some project starts in the latest quarter were behind schedule.
PTI is down $2.30, or 9.8%, to $21.27.
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