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Infosys revenue doubles

India-based information technology services company Infosys Technologies on Thursday reported sharply higher sales and earnings for the June quarter, a sign that demand for offshore IT services is strong. Infosys' revenue jumped 49.3 percent year-over-year to $233.3 million; its earnings per diluted share rose 37.5 percent year-over-year to 44 cents. Two analysts polled by earnings tracking firm First Call on average had expected the company to deliver earnings per share of 40 cents. "There is an increased interest in offshore outsourcing as global corporations realize its benefits. Business opportunities continue to grow. However, the pricing environment remains challenging," said Infosys CEO Nandan Nilekani.

The emergence of Infosys and other Indian-based IT services companies such as Wipro Technologies has put pressure on U.S. based IT services companies to expand their operations abroad.