Cognizant Down 12% Pre-Market After Lowering Full Year Guidance
Cognizant Technology Solutions (NASDAQ: CTSH) is trading lower pre-market following its Q1 earnings and FY guidance announcement. The company reported an EPS of $0.86 vs $0.79 estimate and revenues of $1.71 billion vs $1.71 billion estimate. Cognizant sees 2012 EPS of at least $3.62 vs $3.69 prior guidance.
Francisco D'Souza, Chief Executive Officer of Cognizant "Due to a slower than anticipated acceleration in demand as we entered the second quarter, we are adopting a more conservative stance for the remainder of the year and revising our guidance to at least 20% revenue growth for 2012. We continue to believe that we have the right portfolio of services to sustain our industry leading growth and also meet the changing demands in the market as clients continue to grapple with their dual mandates of cost containment and innovation/business transformation."
Cognizant Technology Solutions is currently trading at $61.18, up $8.48 or 12.17%.
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