{"id":34062,"date":"2014-10-15T10:46:53","date_gmt":"2014-10-15T14:46:53","guid":{"rendered":"https:\/\/cablemanpro.com\/wallstreetpr\/?p=34062"},"modified":"2014-10-15T10:46:53","modified_gmt":"2014-10-15T14:46:53","slug":"igate-corporation-nasdaqigte-posts-net-income-growth-but-shares-plunge","status":"publish","type":"post","link":"https:\/\/cablemanpro.com\/wallstreetpr\/igate-corporation-nasdaqigte-posts-net-income-growth-but-shares-plunge-34062","title":{"rendered":"iGATE Corporation (NASDAQ:IGTE) Posts Net-Income Growth But Shares Plunge"},"content":{"rendered":"<p style=\"text-align: justify;\">Boston, MA 10\/15\/2014 (wallstreetpr) \u2013 Even as <strong>iGATE Corporation (NASDAQ:IGTE)<\/strong> <a href=\"http:\/\/www.sec.gov\/Archives\/edgar\/data\/1024732\/000119312514371837\/d804740dex991.htm\" target=\"_blank\">announced<\/a> increased sequential as well as year-over-year revenues in its third quarter, the shares of the company tumbled by close to 13% during morning hours. The net income of the company in the reported quarter is up 17% at $37.3 million versus $31.9 million in the previous year. Meanwhile, Earnings per share of the company came in at a decent level of $0.52 per share as against $0.46 per share recorded last year.<\/p>\n<p style=\"text-align: justify;\"><strong>Revenues Grew<\/strong><\/p>\n<p style=\"text-align: justify;\">The Technology outsourcing and consulting firm reported 10% year-over-year growth in its revenues to $322.8 million. This compares against net revenues of $293.4 million in the previous year&#8217;s third quarter. iGATE Corporation (NASDAQ:IGTE)&#8217;s President and CEO, Ashok Vemuri, expressed satisfaction with the sustainability of revenues over the last year. He said that the customers have been appreciative of iGATE Corporation (NASDAQ:IGTE)&#8217;s undertaken changes. During the reported quarter, the company augmented its headcount with an additional employee of 1,713 to take the total workforce to 34,655 employees.<\/p>\n<p style=\"text-align: justify;\"><strong>Key Highlights<\/strong><\/p>\n<p style=\"text-align: justify;\">The results included some of the main highlights from the quarter. Among all, the company took pride in its selection by one of the global retail company based out in the U.Kingdom. Also, iGATE Corporation (NASDAQ:IGTE) entered into new deals with North American-based financial company as well as an energy company. One of the fast food chain also roped in services of the company. Apart from this, the third quarter was marked by a series of significant events. Some of them include the company&#8217;s 51 position in Fortune&#8217;s list of 100 Fastest Growing Companies, a new facility in India, 29th rank in IDC&#8217;s FinTech Top 100 list.<\/p>\n<p style=\"text-align: justify;\">CFO Sujit Sircar said that despite certain headwinds faced during the quarter, the company was able to expand its clientele and continued hiring for further growth. Also, Sircar updated that\u00a0iGATE Corporation (NASDAQ:IGTE) has slashed its debt burden by an additional $126 million, which should provide leverage in future.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Boston, MA 10\/15\/2014 (wallstreetpr) \u2013 Even as iGATE Corporation (NASDAQ:IGTE) announced increased sequential as well as year-over-year revenues in its third quarter, the shares of [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":34063,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"twitter_2902945987_2902945987":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[2236],"tags":[10958,10960,10961,10959],"stock_ticker":[],"class_list":["post-34062","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-ashok-vemuri","tag-igate-corporation-nasdaqigte","tag-nasdaqigte","tag-sujit-sircar","entry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - 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