Cognizant: 3Q Earnings Snapshot
TEANECK, N.J. (AP) _ Cognizant Technology Solutions Corp. (CTSH) on Wednesday reported third-quarter net income of $497 million.
On a per-share basis, the Teaneck, New Jersey-based company said it had profit of 90 cents. Earnings, adjusted for non-recurring costs, came to $1.08 per share.
The results exceeded Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of $1.05 per share.
The information technology consulting and outsourcing firm posted revenue of $4.25 billion in the period, also surpassing Street forecasts. Nine analysts surveyed by Zacks expected $4.21 billion.
Cognizant expects full-year earnings in the range of $3.95 to $3.98 per share.
Cognizant shares have decreased roughly 6% since the beginning of the year, while the Standard & Poor’s 500 index has climbed 22%. In the final minutes of trading on Wednesday, shares hit $59.92, a decline of almost 10% in the last 12 months.