Cognizant 3Q net income beats estimates
TEANECK, N.J. (AP) — Cognizant Technology Solutions Corp., a provider of information technology, consulting and outsourcing services, said Wednesday that its third-quarter net income rose 22 percent thanks to broad-based revenue growth across its services and geographies.
Net income rose to $276.9 million, or 91 cents per share, from $227.1 million, or 73 cents per share, a year ago.
That beat the net income of 87 cents per share expected by analysts polled by FactSet.
Excluding stock-based compensation costs, adjusted earnings came to 97 cents per share.
Revenue rose 18 percent to $1.89 billion, also beating the $1.88 billion expected by analysts.
The company said it expects fourth-quarter revenue of at least $1.94 billion, while analysts were looking for $1.96 billion. It also said it expects fourth-quarter net income of 91 cents per share, in line with what analysts were expecting.
Cognizant's shares were down 45 cents at $66.91 in midday Wednesday trading following the earnings release.