Cognizant Technology Solutions (CTSH) on Monday reported first-quarter earnings and revenue that edged views but forecast June quarter profit below expectations.
XShares in the information technology services provider fell 2.5% to 80.12 on the stock market today.
Cognizant said adjusted earnings rose 26% to $1.06 a share, topping consensus estimates by a penny. Revenue rose 10.3% to $3.91 billion, just above estimates of $3.90 billion, with financial and health-care sectors a bright spot.
Falling Short Of The Street
For the June quarter, the company forecast adjusted earnings of $1.09 a share vs. estimates of $1.12. Cognizant said it expects revenue in a range of $4 billion to $4.04 billion. Analysts had projected $4.03 billion.
Cognizant shares had been up 15% in 2018 as of Friday's market close. The stock has consolidated and is trading below a buy point of 85.20.
Teaneck, N.J.-based Cognizant in early 2017 announced a stock repurchase program and shook up its board amid pressure from activist investor Elliott Management.
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The post Cognizant June Quarter Earnings Outlook Disappoints, Stock Falls appeared first on Investor's Business Daily.
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