Cognizant 3Q profit rises 11 percent
Information-technology consultant Cognizant Technology Solutions Corp. on Wednesday said its third-quarter profit rose 11 percent, beating expectations.
The Teaneck, N.J., company earned $227.1 million, or 73 cents per share, up from $203.7 million, or 66 cents per share, for the same quarter last year.
Excluding stock-option expenses, adjusted profit was 80 cents per share
Revenue rose 32 percent to $1.6 billion from $1.22 billion.
Analysts, on average, expected profit of 71 cents per share, including stock-option expenses, on $1.58 billion in revenue, according to a FactSet survey.
Francisco D'Souza, the company's CEO, said customers are investing in outsourcing despite the shaky global economy.
The company expects fourth-quarter profit of 82 cents per share, excluding stock-option expenses, on sales of at least $1.66 billion. Analysts have been expecting 75 cents per share on $1.65 billion in revenue.
Cognizant shares fell 78 cents to $70.14 in afternoon trading.