UPDATE: Cognizant Posts Upbeat Q3 Earnings, Lifts Forecast

Cognizant Technology Solutions

reported better-than-expected earnings for the third quarter and raised its earnings forecast for the full year. For the full year, the company projects earnings of $2.57 per share, versus earlier outlook of $2.54 per share. For the current quarter, the company expects earnings of $0.63 per share on revenue of $2.61 billion to $2.64 billion. Analysts projected earnings of $0.59 per share on revenue of $2.58 billion. The Teaneck, New Jersey-based company reported a quarterly profit of $355.6 million, or $0.58 per share, versus a year-ago profit of $319.6 million, or $0.53 per share. Excluding certain items, the company's adjusted earnings surged to $0.66 per share from $0.59 per share. Its revenue gained 11.9% to $2.58 billion. Cognizant had expected earnings of $0.63 per share on revenue of $2.55 billion to $2.58 billion. However, analysts were expecting earnings of $0.59 per share on revenue of $2.57 billion. Cognizant's financial-services revenue climbed 13.4%, while revenue for the health-care segment rose 9.2%. Revenue for manufacturing, retail and logistics segment jumped 8.6% in the quarter. "There is a tremendous opportunity in the marketplace as the advent of new digital technologies, global economic pressures, and an evolving regulatory environment force businesses across all industries to change and adapt faster than ever before," said Francisco D'Souza, Chief Executive Officer of Cognizant. Cognizant shares fell 0.82% to close at $48.49 yesterday.