Infosys stock surges again toward a record after earnings, revenue top forecasts

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Shares of Infosys Ltd. surged 4.5% toward a record high, after the India-based digital services and consulting company reporter better-than-expected fiscal second-quarter results, and said it was rolling out salary increases starting in the new year. The stock has now soared 18.3% amid a six-session win streak. Trading volume was 15.7 million shares, already well above the full-day average of 9.1 million. The company reported before the open net income for the quarter to Sept. 30 that rose to $653 million, or 15 cents a share, from $569 million, or 13 cents a share, in the year-ago period, to beat the FactSet consensus of 14 cents a share. Revenue grew 3.2% to $3.21 billion, to beat the FactSet consensus of $3.26 billion, as digital revenue jumped 47.3% to $1.57 billion. Operating margin improved by 2.7 percentage points to 25.4%, and large deal signings reached a record $3.15 billion. The stock has run up 59.2% year to date, while the S&P 500 has gained 8.0%.
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