Cognizant Technology Solutions Corp <CTSH.O> has been investing
heavily to boost its digital offerings such as cybersecurity and
data analytics by acquiring smaller companies.
Revenue from Cognizant's financial sector business - which
accounts for over a third of total revenue - rose 3.8 percent in
the quarter ended Sept. 30, while revenue from the healthcare
sector rose 9.3 percent.
Cognizant also raised the lower end of its annual revenue
forecast. It now expects revenue of $14.78 billion to $14.84
billion, compared to an earlier forecast of $14.70 billion to
$14.84 billion. Analysts are expecting $14.79 billion.
The company said its net income rose to $495 million or 84 cents
per share in the third quarter, from $444 million or 73 cents
per share, a year earlier.
Excluding one-time items, Cognizant earned 98 cents per share,
edging past analysts' average estimate of 95 cents.
Revenue rose 9.1 percent to $3.77 billion.
(Reporting by Arjun Panchadar in Bengaluru; Editing by Bernard
Orr and Sai Sachin Ravikumar)
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