Bengaluru: Cognizant Technology Solutions Corp’s quarterly revenue rose 10% and edged past Wall Street forecasts, benefiting from higher spending by healthcare and financial services clients.
Teaneck, New Jersey-based Cognizant has been investing heavily to offer digital services such as cloud computing and cybersecurity to businesses in the two industries, from which it gets a majority of its revenue.
The company said revenue from healthcare clients rose 11.8% in the three months ended 31 March, while financial services revenue climbed 6.2%.
Cognizant expects current-quarter revenue of between $4 billion and $4.04 billion. Analysts were expecting revenue of $4.03 billion, according to Thomson Reuters I/B/E/S.
Net income fell to $520 million or 88 cents per share in the first quarter, from $557 million or 92 cents per share, a year earlier.
Excluding one-time items, the company earned $1.06 per share.
Revenue rose to $3.91 billion from $3.55 billion.
Analysts had expected earnings of $1.06 per share and revenue of $3.90 billion. Reuters