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Cognizant: 3Q Earnings Snapshot

·1 min read

TEANECK, N.J. (AP) _ Cognizant Technology Solutions Corp. (CTSH) on Wednesday reported third-quarter net income of $348 million.

On a per-share basis, the Teaneck, New Jersey-based company said it had profit of 64 cents. Earnings, adjusted for non-recurring costs, were 97 cents per share.

The results exceeded Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 90 cents per share.

The information technology consulting and outsourcing firm posted revenue of $4.24 billion in the period, also surpassing Street forecasts. Seven analysts surveyed by Zacks expected $4.15 billion.

Cognizant expects full-year earnings in the range of $3.63 to $3.67 per share, with revenue expected to be $16.7 billion.

Cognizant shares have risen 15% since the beginning of the year, while the Standard & Poor's 500 index has risen 1%. In the final minutes of trading on Wednesday, shares hit $71.10, a climb of 17% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CTSH at https://www.zacks.com/ap/CTSH