Cognizant Q2 beats market estimates, sees upbeat Q3

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.