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Luxoft misses Street 1Q forecasts

ZUG, Switzerland (AP) _ Luxoft Holding Inc. (LXFT) on Thursday reported fiscal first-quarter net income of $6.3 million.

The Zug, Switzerland-based company said it had profit of 18 cents per share. Earnings, adjusted for one-time gains and costs, came to 50 cents per share.

The results did not meet Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 75 cents per share.

The software and IT company posted revenue of $209.2 million in the period, also falling short of Street forecasts. Four analysts surveyed by Zacks expected $212.6 million.

Luxoft expects full-year earnings to be $2.85 per share, with revenue expected to be $920 million.

Luxoft shares have increased 8 percent since the beginning of the year. The stock has risen almost 10 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on LXFT at https://www.zacks.com/ap/LXFT

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Keywords: Luxoft, Earnings Report