Cognizant: 2Q Earnings Snapshot
TEANECK, N.J. (AP) _ Cognizant Technology Solutions Corp. (CTSH) on Wednesday reported second-quarter profit of $509 million.
The Teaneck, New Jersey-based company said it had net income of 90 cents per share. Earnings, adjusted for non-recurring costs, were 94 cents per share.
The results beat Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 93 cents per share.
The information technology consulting and outsourcing firm posted revenue of $4.14 billion in the period, also beating Street forecasts. Eight analysts surveyed by Zacks expected $4.13 billion.
Cognizant shares have risen nearly 3% since the beginning of the year, while the Standard & Poor’s 500 index has increased 19%. In the final minutes of trading on Wednesday, shares hit $65.29, a fall of 20% in the last 12 months.