Cognizant Tech Solutions 1Q Results Beat Projections
By Maria Armental
Cognizant Technology Solutions Corp. reported
better-than-expected first-quarter results, including a roughly
7.9% increase in healthcare revenue and 4.6% growth in revenue in
products and resources.
Net income rose to $505 million from $367 million a year
earlier. On a per-share basis, profit was 95 cents, or 97 cents as
The professional-services firm reported $4.4 billion in revenue,
compared with $4.23 billion a year earlier and above the $4.34
billion to $4.38 billion range it gave in February.
Analysts surveyed by FactSet expected profit of 91 cents a
share, or 94 cents as adjusted, and $4.36 billion in revenue.
"Cloud migration and digital adoption create a significant
opportunity for Cognizant in the coming years," Chief Executive
Brian Humphries said in a statement, adding: "The ongoing
humanitarian crisis, especially in India, is deeply concerning. We
have made a series of investments to support India in this time of
need and continue to prioritize the health and safety of our
associates while we serve our clients."
Write to Maria Armental at email@example.com
(END) Dow Jones Newswires
May 05, 2021 16:26 ET (20:26 GMT)
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