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

Visa takes minority stake in Indian payment gateway BillDesk
Visa takes minority stake in Indian payment gateway BillDesk
Flipkart appoints Smriti Singh as chief HR officer
Flipkart appoints Smriti Singh as chief HR officer
Investors want Mark Zuckerberg to quit over reports of Facebook's smear campaign
Investors want Mark Zuckerberg to quit over reports of Facebook's smear campaign

Latest Stories

Thugs of Hindostan Box Office collection Day 9: Aamir Khan-starrer continues to lose steam in its second week
Thugs of Hindostan Box Office collection Day 9: Aamir Khan-starrer continues to lose steam in its second week
US firm names Noida-based IT consultancy in Rs 14 crore fraud
US firm names Noida-based IT consultancy in Rs 14 crore fraud
Trai seeks public view to make paper telephone bill optional
Trai seeks public view to make paper telephone bill optional
SPONSORED