AP NEWS

Cognizant: 3Q Earnings Snapshot

October 30, 2019 GMT

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.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CTSH at https://www.zacks.com/ap/CTSH