Top News on April 18: Infosys results, Lok Sabha polls, Tesla job cuts and more
₹7,975 crore in the March quarter, while total revenues came in at ₹37,923 crore. The company said its revenues in constant currency (CC) terms remained flat year-on-year (YoY) and declined by 2.2% sequentially. The company also saw its American Depository Receipt shares plummet on the New York Stock Exchange on Thursday evening.
Infosys ADR crashed 8% to $15.95 on the American stock exchange after the IT major slashed its FY25 revenue guidance to 1-3 per cent from the previous 1.5 -2 per cent in the December quarter. Elon Musk apologised this week after Tesla sent ‘incorrect, low’ severance packages to some laid-off employees — days after eliminating around 14,000 global positions. An internal memo viewed by Bloomberg saw the CEO insist that the error was “being corrected immediately".
The development also comes mere days ahead of a probable visit to India. Reports indicate that the billionaire businessman is scouting for factory locations for Tesla as the electric carmaker suffers a sales downturn in the US. A government source told AFP that his Starlink satellite internet service is also set to receive initial approvals for India operations.
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