IT services firm Cognizant profit beats estimates

Cognizant Technology Solutions Corp topped analysts' estimates for quarterly profit on Thursday, as clients in the healthcare and financial industries spent more for its services.

By Reuters  
Thursday, August 2, 2018

Cognizant Technology Solutions Corp topped analysts' estimates for quarterly profit on Thursday, as clients in the healthcare and financial industries spent more for its services.

The company has been investing heavily in its digital services amid a tight cap on spending from its clients. Cognizant gets the largest chunk of its revenue from financial services and healthcare clients.

Revenue from its financial services sector, which accounts for more than a third of its total revenue, rose 4.5 percent, while revenue from healthcare services rose 10.1 percent in the second quarter.

Cognizant said it expected current-quarter revenue to be between $4.06 billion to $4.10 billion, below analysts' average estimate of $4.12 billion, according to Thomson Reuters.

The Teaneck, New Jersey-based company said net income fell to $456 million, or 78 cents per share, in the second quarter ended June 30 from $470 million, or 80 cents per share, a year earlier.

Excluding items, the company earned $1.19 per share.

Revenue rose to $4.01 billion from $3.67 billion.

Related Stories

BHEL wins 200 MW solar energy orders worth Rs 800 crore
BHEL wins 200 MW solar energy orders worth Rs 800 crore
PNB to auction NPAs worth over Rs 1,000 crore on June 27
PNB to auction NPAs worth over Rs 1,000 crore on June 27
ICC World Cup 2019: Large-screen TV sales zoom 100% as cricket fever grips fans
ICC World Cup 2019: Large-screen TV sales zoom 100% as cricket fever grips fans

Latest Stories

Budget 2019: Govt likely to allocate Rs 30,000 crore to PSU banks
Budget 2019: Govt likely to allocate Rs 30,000 crore to PSU banks
Cyclone Vayu to weaken in next 24 hours before recurving towards Gujarat coast
Cyclone Vayu to weaken in next 24 hours before recurving towards Gujarat coast
BHEL wins 200 MW solar energy orders worth Rs 800 crore
BHEL wins 200 MW solar energy orders worth Rs 800 crore
SPONSORED