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."

Write to Maria Armental at [e-mail]

(END) Dow Jones Newswires

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

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