Infosys‘ share price continued to slump for the second straight after the company’s earnings for the June quarter and the sharp cuts in guidance failed to impress investors and analysts.

What Happened: The company’s consolidated net profits for the April-June period stood at ₹5,945 crore, up close to 11% from the ₹5,360 crore profit it booked during the same period last year. The number was lower than consensus estimates. The IT giant’s revenue for the quarter stood at ₹37,933 crore, up 10% year-over-year and mostly in line with street estimates.

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The company EBIT for the period stood at ₹7,891 crore, with an EBIT margin of 20.80%. Basic earnings per share for the quarter came in at ₹14.37. The company also slashed FY24 revenue growth guidance from 4%-7% to 1%-3.5%

Analyst Reactions: The numbers and the weak guidance disappointed analysts across the board. Macquarie downgraded the stock’s rating to “underperform” with a price target of ₹1,130. Nomura also downgraded the stock’s rating to “reduce” slashing the price target to ₹1,210 from ₹1,260.

JP Morgan also maintained its “underweight” rating for the stock with a price target of ₹1,150. However, Jefferies still remains bullish on the stock as it maintained its “buy” rating with a price target of ₹1,550.

Price Action: Infosys’ share price was down 7.71% to trade at ₹1,337.80 as the markets opened on Friday.

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