Shares of Infosys Ltd. /zigman2/quotes/208929210/composite INFY -0.13% surged 2.7% toward a record in midday trading Wednesday, after the India-based digital services and consulting company reported fourth-quarter revenue that rose above expectations and raised its 2022 growth outlook, while profit met expectations amid gross margin headwinds. The company reported net income of $774 million, or 18 cents a share, up from $705 million, or 17 cents a share, in the year-ago period and in line with the FactSet consensus. Revenue grew 20.9% to $4.25 billion, above the FactSet consensus of $4.19 billion. Cost of sales grew 25.5% to $2.86 billion, knocking gross margin down to 32.8% from 35.3%, driven primarily by supply chain challenges. For 2022, the company raised its revenue growth guidance range to 19.5% to 20.0% from 16.5% to 17.5%. The stock, which has run up 6.6% amid a four-day win streak, has shot up 17.4% over the past three months while the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.34% has gained 8.6%.