8.86%C 6.45 22.20%F 2.55 5.20%
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PITTSBURGH - iGATE Corp. reported a four-fold jump in second-quarter earnings Thursday, driven by strong growth in its global solutions business.
| IGTE | 6.1 |  0.16 |
The information technology company reported that its earnings climbed to $8.4 million, or 15 cents a share, in the second quarter of 2008. That's up from $2.1 million, or 4 cents a share, in the second quarter of last year, which included a one-time charge.
Wall Street on average had expected iGATE to earn 8 cents a share in the latest quarter, according to a survey of analysts by Thomson Financial.
Revenue rose roughly 6 percent to $80 million in the latest quarter from $75.6 million a year earlier.
iGATE said its global solutions business, which provides data management, data warehousing and other information technology services for enterprise customers, saw its revenue rise 15 percent to $55.6 million.
Revenue from the company's professional services business, which provides information technology staffing services, fell nearly 10 percent to $24.4 million in the latest quarter. iGATE is spinning that business off to shareholders.
Shares of the Pittsburgh-based company lost 32 cents, or 4.4 percent, to finish at $7.
Major U.S. stock indexes slumped further south midday Monday, further extending this morning's hefty losses which erased last week's f...
China markets opened lower on Tuesday morning as the investors' confidence hit by the signals that global recession are deepening.
The dollar edged higher against the Swiss franc late Monday night. The U.S. currency was worth 1.2037 Swiss francs, up slightly from the 1.2028 f...
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