Cognizant Technology Solutions Corp's quarterly revenue rose 10 percent and edged past Wall Street forecasts, benefiting from higher spending by healthcare and financial services clients.
Cognizant Technology Solutions Corp’s quarterly revenue rose 10 percent and edged past Wall Street forecasts, benefiting from higher spending by healthcare and financial services clients. Teaneck, New Jersey-based Cognizant has been investing heavily to offer digital services such as cloud computing and cybersecurity to businesses in the two industries, from which it gets a majority of its revenue.The company said revenue from healthcare clients rose 11.8 percent in the three months ended March 31, while financial services revenue climbed 6.2 percent.
Cognizant expects current-quarter revenue of between $4 billion and $4.04 billion. Analysts were expecting revenue of $4.03 billion, according to Thomson Reuters I/B/E/S. Net income fell to $520 million or 88 cents per share in the first quarter, from $557 million or 92 cents per share, a year earlier.
Excluding one-time items, the company earned $1.06 per share.Revenue rose to $3.91 billion from $3.55 billion.Analysts had expected earnings of $1.06 per share and revenue of $3.90 billion.