So overall, low growth (but they are used to it anyway) expected in 2009, but no major concerns in Europe.

Indian Outsourcers

Let's start with Tier 1. TCS reported a 25 percent increase in quarterly revenues. Surprisingly, it exhibited growth in the financial services segment, and does not expect revenue to be impacted by the turmoil, including in other verticals. Pricing was stable and net employee additions was more than 5,000, its highest in the past four quarters!

Infosys' quarterly revenues increased 19 percent, and it added 6,000 employees in the quarter. However, it cut its full year revenue guidance by 6 percent, attributed to currency and macro environment.

reported a 23 percent annual increase in IT service revenues. However, it added only 352 employees (net) in that business during the quarter. Wipro was probably the most honest (or conservative-you decide) in terms of outlook for the future: It indicated slower contract closures, ramping down of a few clients, 2 percent revenue reduction due to the turmoil, and potential pricing decline in the coming quarter.