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Cognizant Tech Solutions 1Q Results Beat Projections

By Maria Armental


Cognizant Technology Solutions Corp. reported better-than-expected first-quarter results, including a roughly 7.9% increase in healthcare revenue and 4.6% growth in revenue in products and resources.

Net income rose to $505 million from $367 million a year earlier. On a per-share basis, profit was 95 cents, or 97 cents as adjusted.

The professional-services firm reported $4.4 billion in revenue, compared with $4.23 billion a year earlier and above the $4.34 billion to $4.38 billion range it gave in February.

Analysts surveyed by FactSet expected profit of 91 cents a share, or 94 cents as adjusted, and $4.36 billion in revenue.

"Cloud migration and digital adoption create a significant opportunity for Cognizant in the coming years," Chief Executive Brian Humphries said in a statement, adding: "The ongoing humanitarian crisis, especially in India, is deeply concerning. We have made a series of investments to support India in this time of need and continue to prioritize the health and safety of our associates while we serve our clients."


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(END) Dow Jones Newswires

May 05, 2021 16:26 ET (20:26 GMT)

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