Cognizant: 4Q Earnings Snapshot
TEANECK, N.J. (AP) _ Cognizant Technology Solutions Corp. (CTSH) on Wednesday reported fourth-quarter net income of $648 million, after reporting a loss in the same period a year earlier.
The Teaneck, New Jersey-based company said it had net income of $1.12 per share. Earnings, adjusted for one-time gains and costs, were $1.13 per share.
The results surpassed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.05 per share.
The information technology consulting and outsourcing firm posted revenue of $4.13 billion in the period, also topping Street forecasts. Ten analysts surveyed by Zacks expected $4.11 billion.
For the year, the company reported profit of $2.1 billion, or $3.60 per share. Revenue was reported as $16.13 billion.
Cognizant shares have increased 12 percent since the beginning of the year, while the Standard & Poor’s 500 index has climbed 9 percent. The stock has declined roughly 3 percent in the last 12 months.