Cognizant Technology Solutions Corp's profit surged over 86 percent year-on-year to $470 million for the quarter ended June. The revenue increased nearly 9 percent, driven by the healthcare segment.
The multinational information technology services provider revised the lower end of its annual revenue guidance for financial year 2017-18 to 9-10 percent fro its previous forecast of 8-10 percent growth. For the third quarter, the IT services major expects revenue to be in the range of $3.73-3.78 billion.
Here's what brokerages had to say about Cognizant's earnings:
Edelweiss Securities
- The revenue growth chart demonstrates the accelerating shift to digital services and solutions.
Kotak Securities
- Cognizant's early digital payments and smooth execution helped its growth trajectory.
- See subdued demand growth for IT industry in India due to weakness in financial services.
Nirmal Bang
- The company's ‘good performance' is a direct consequence of expanding market share and does not reflect the strength of entire offshore IT services market.
- The biggest positive came from the healthcare segment, which delivered this quarter after 'remaining volatile since last few quarters'.
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