IT services provider Cognizant Technology Solutions Corp posted quarterly profit ahead of analysts' estimates, helped by strong demand for its services, and forecast third quarter above market expectations.
Cognizant projected third-quarter adjusted earnings of at least 76 cents a share, on sales of at least USD 1.57 billion.
Analysts, on average, were looking for earnings of 70 cents a share, on sales of USD 1.54 billion, according to Thomson Reuters I/B/E/S.
For the April-June quarter, Cognizant earned USD 208 million, or 67 cents a share, compared with USD 172.2 million, or 56 cents a share, in the year-ago period.
Excluding items, the company earned 72 cents a share.
Sales grew 34.4% to USD 1.49 billion.
Analysts had expected earnings of 66 cents a share, excluding items, on revenue of USD 1.46 billion.
Teaneck, New Jersey-based Cognizant's shares closed at USD 70.695 on Monday on Nasdaq.
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