Infosys (INFY) Boosts Canadian Presence With Digital Center

Continuing with strategic efforts to solidify its presence in Canada, Infosys Limited INFY opens a Digital Center in Calgary, Alberta. The Digital Center will help upskill and reskill the company’s as well as its client employees in technologies that are required to help Canadian businesses accelerate their digital transformation.

Infosys revealed that the opening of the Digital Center would bring 1,000 new jobs to Calgary over the next two years. With this move, the company has doubled its March 2021 commitment of adding 500 new jobs in the city by 2023.

Additionally, the India-based consulting and next-generation digital services provider increased its commitment to the total workforce in Canada to 8,000 by 2024. Earlier in March 2021, the company announced to bring its total Canadian workforce to 4,000 by 2023 from 2,000 at the end of 2,020.

Infosys Limited Price and Consensus

Infosys Limited price-consensus-chart | Infosys Limited Quote

Digital Center to Solidify Infosys’ Canadian Presence

The opening of the Digital Center in Calgary reflects Infosys’ focus on increasing employment across various regions and expanding skills to expedite digital transformation. Infosys has created several jobs across various parts of Canada, namely Toronto, Vancouver, Ottawa and Montreal, over the last three years.

The expansion of operations in Calgary will enable the company to strengthen and expand business relationships with clients from energy, natural resources and agriculture. Further, the opening of the Digital Center in Calgary will help Infosys exploit the city’s rich IT talent.

Infosys is gaining strong momentum worldwide with its quality efforts in digital transformation and by boosting employment.

Infosys’ Focus on Global Expansion

Infosys is focused on expanding its footprint across major operational regions. The company has opened six Technology and Innovation Centers in the United States to develop leading-edge digital capabilities and provide training to IT talent to support the digital transformation of American businesses.

Infosys’ training infrastructure has created skilled tech talent and prepared American workers to take on more digital and operational jobs. Over the past five years, the company has added over 14,000 workers in America.

In July this year, Infosys collaborated with Singapore’s Infocomm Media Development Authority (“IMDA”) to hire 300 workers from the Southeast Asian country over the next three years. With this tie-up, Infosys will expand its footprint in Singapore by recruiting professionals, including fresh graduates to mature professionals, managers, executives and technicians, from both technology and non-technology backgrounds.

Infosys Compaz (iCompaz), a joint venture between Infosys and the Singapore government’s Temasek Holdings focused on Digital Transformation for enterprises across industry vertical segments and services, will hire individuals. Through this collaboration with IMDA, Infosys intends to accelerate Singapore’s digital transformation process by bringing its digital expertise to develop a highly skilled future workforce.

Infosys has been reinforcing its digital transformation capabilities to expand and solidify its position in the highly competitive environment. It enables its clients across more than 45 countries to create and execute strategies for their digital transformation. Such efforts in the digital transformation business will aid the company in competing with peers like Accenture and Cognizant.

Zacks Rank & Stocks to Consider

Currently, Infosys carries a Zacks Rank #3 (Hold). Shares of INFY have decreased 34% year to date (YTD).

Some better-ranked stocks from the broader Computer and Technology sector are Clearfield CLFD, Silicon Laboratories SLAB and Monolithic Power MPWR. Clearfield and Silicon Laboratories each sport a Zacks Rank #1 (Strong Buy), while Monolithic Power carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for Clearfield's fourth-quarter fiscal 2022 earnings has been revised upward by 10 cents to 80 cents per share over the past 60 days. For fiscal 2022, earnings estimates have moved 36 cents north to $3.13 per share in the past 60 days.

Clearfield’s earnings beat the Zacks Consensus Estimate in each of the preceding four quarters, the average surprise being 33.9%. Shares of CLFD have soared 7.5% YTD.

The Zacks Consensus Estimate for Silicon Laboratories’ third-quarter 2022 earnings has increased 36.1% to $1.13 per share over the past 60 days. For 2022, earnings estimates have moved 20.5% up to $4.41 per share in the past 60 days.

Silicon Laboratories’ earnings beat the Zacks Consensus Estimate in each of the preceding four quarters, the average surprise being 63.6%. Shares of SLAB have decreased 40.3% YTD.

The Zacks Consensus Estimate for Monolithic Power's third-quarter 2022 earnings has been revised 34 cents northward to $3.49 per share over the past 60 days. For 2022, earnings estimates have moved 95 cents north to $12.56 per share in the past 60 days.

MPWR's earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, the average surprise being 8.8%. Shares of the company have decreased 25.5% YTD.

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