Cognizant Profit Narrowly Beats Estimates On Healthcare, BFSI Boost
IT services provider Cognizant Technology Solutions Corp reported a quarterly profit that edged past analysts' estimates on continued demand from its healthcare and financial clients.
Revenue from its financial services sector, which accounts for more than a third of its total revenue, rose 7 percent in the first quarter ended March 31, while revenue from healthcare services rose 9.7 percent.
Cognizant said it expected current-quarter revenue in the range of $3.63 billion to $3.68 billion. Analysts on average had expected revenue of $3.65 billion, according to Thomson Reuters I/B/E/S.
The company's net income rose to $557 million, or 92 cents per share, in the first quarter from $441 million, or 72 cents per share, a year earlier.
Revenue rose 10.7 percent to $3.55 billion.
Excluding items, the company earned 84 cents per share, while analysts' were expecting 83 cents.
In February, the company agreed to appoint three new directors and return $3.4 billion to shareholders, bowing to pressure from activist investor Elliott Management.
A major concern for companies such as Cognizant has been U.S. President Donald Trump's tough stance on the H1-B visa rules. The company has a majority of its employees in India.
H1-B visas are non-immigrant visas that allow U.S. companies to temporarily employ foreign workers.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
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