UPDATE: Cognizant Q1 Earnings Rise 17%

Cognizant Technology Solutions

reported a 17% rise in its first-quarter earnings. Cognizant's quarterly profit surged to $284.2 million, or $0.93 per share, from $243.7 million, or $0.79 per share, in the year-ago period. Excluding one-time items, it earned $1.02 per share. Its revenue climbed 18% to $2.02 billion. Cognizant had earlier expected earnings of $1.01 per share. Its operating margin declined to 18.1% from 18.6%. Cognizant shares gained 5.56% to $68.49 in pre-market trading.