Cognizant Q3 Earnings Meet Views

reported in-line earnings for the third quarter on Wednesday. The Teaneck, New Jersey-based company reported a quarterly profit of $397.2 million, or $0.65 per share, compared to $355.6 million, or $0.58 per share, in the year-ago period. Excluding items, the company's earnings surged to $0.76 per share from $0.66 per share. Its revenue surged to $3.19 billion from $2.58 billion. However, analysts were expecting earnings of $0.76 per share on revenue of $3.16 billion. The average estimate among 34 Estimize users was for earnings of $0.78 per share and revenue of $3.17 billion. The company's revenue from health-care segment surged 29.5 percent in the quarter. "We experienced another quarter of strong performance, building on our solid momentum in the first half of the year with continued broad-based demand across key industries and geographies we serve," said Francisco D'Souza, Chief Executive Officer of Cognizant. "As clients worldwide shift spending toward investments that drive innovation and growth in the digital era, our portfolio of services is well positioned to meet their needs and capture a disproportionate share of the market." The company projects Q4 earnings of at least $0.77 per share, and revenue of at least $3.23 billion. For the full year, Cognizant expects earnings of at least $3.03 per share, and revenue of at least $12.41 billion. Cognizant shares rose 0.09 percent to $68.20 in pre-market trading.