Cognizant Technology Solutions Profits And Revenue Surge (CTSH)

Teaneck, New Jersey based information technology consulting and services company Cognizant Technology Solutions

announced on Monday morning that it beat consensus Wall Street estimates. Cognizant Technology Solutions reported that its 3rd quarter net income rose to $203.7 million, or 66 cents per share, up from $136.6 million, or 45 cents per share, a year earlier. Excluding special items, the company's earnings came in at 69 cents per share. Revenue climbed 43% to $1.217 billion, up from $853.5 million a year earlier. According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 60 cents per share, on revenue of $1.18 billion. President and chief executive officer Francisco D'Souza said, "Yet another strong quarter is continuing evidence that clients are not just seeking cost efficiencies, but are also stepping up investments in their business platforms and new capabilities to drive growth and innovation. The success of our long-time reinvestment strategy positions us as a credible advisor to our clients, as we work with them to address the critical issues facing their businesses: the new generation of increasingly globalized and virtualized business models, the new generation of millennials as consumers and employees, and the new generation of transformative technologies such as cloud, social computing and mobility." Cognizant Technology Solutions (

) closed the previous trading day at $65.19 per share. Analysts covering the company's stock give it a consensus price target of $68.88 per share. Read more