Cognizant quarterly results beat estimates
Cognizant said it now expects full-year earnings of at least $3.42 per share, up from its previous forecast of at least $3.38 per share. It reaffirmed its revenue forecast of $7.34 billion.
Analysts on average expect earnings of $3.39 per share on revenue of $7.34 billion, according to Reuters.
IT services providers such as Cognizant, Accenture Plc , and India-based Tata Consultancy Services Ltd and Wipro Ltd have benefited from a rise in demand for outsourcing as companies try to cut costs.
However, Accenture had said in September that spending on consulting will remain slow.
Net income rose to $276.9 million, or 91 cents per share, in the third quarter from $227.1 million, or 73 cents per share, a year earlier.
Excluding items, the company earned 97 cents per share.
Revenue rose to $1.89 billion from $1.60 billion a year earlier.
Analysts expected earnings of 87 cents per share on revenue of $1.88 billion.
Shares of the Teaneck, New Jersey-based company, most of whose employees are in India, have risen 5 percent since its second-quarter revenue topped rival and Indian bellwether Infosys Ltd's on Aug. 6. They closed at $67.35 on Tuesday on the Nasdaq.
Cognizant's Jul-Sept net up 22%
PTI Cognizant Technology Solutions today posted 22 per cent jump in consolidated net income at USD 276.9 million for the third quarter ended September 30, on the back of growth in newer service offerings
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