Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Cognizant Gains After Topping Estimates, Boosting Forecasts

Aug. 6 (Bloomberg) -- Cognizant Technology Solutions Corp., a provider of consulting and outsourcing services, rose to the highest price in more than three months after its quarterly results topped estimates and the company raised its forecasts.

Second-quarter earnings were 99 cents a share last quarter, the Teaneck, New Jersey-based company said today in a statement. Analysts had estimated 97 cents on average, according to data compiled by Bloomberg. Sales rose 20 percent to $2.16 billion in the period, compared with the $2.13 billion predicted.

Cognizant cited broad-based growth across industries and regions, and said it was benefiting from an economy that pushes customers to seek greater efficiency. The company relies on a global workforce, including employees in lower-cost countries such as India, to provide outsourcing help and other services.

“Economic pressures and long-term secular industry shifts have been driving fundamental changes in client demands,” President Gordon Coburn said in the statement.

The shares rose 0.8 percent to $74.01 at the close in New York and are little changed this year.

The company raised its annual earnings forecast to at least $3.96 a share, from $3.95. Sales will be at least $8.74 billion, up from a previous forecast of $8.6 billion.

To contact the reporter on this story: Nick Turner in New York at nturner7@bloomberg.net

To contact the editor responsible for this story: Nick Turner at nturner7@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.