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Cognizant Shares Soar on Improved 2012 Outlook

The company beat analysts on revenue and profit for the quarter


Cognizant Technology Solutions (NASDAQ:CTSH) announced that it earned $251.9 million during the second quarter, up from $208 million in the same period last year.

Adjusted EPS for the quarter was 88 cents. That beat the 80 cents a share that Wall Street was looking for, Reuters noted.

Tech Is Still The Toast of the Town
Tech Is Still The Toast of the Town

The company, which began as part of Dun & Bradstreet, recorded revenue of $1.8 billion, up 21% from 2011. That also topped analysts, who predicted revenue of $1.79 billion.

Company officials increased their earnings outlook for 2012 to $3.64 a share, up from earlier estimates of $3.62 a share. That handily exceeded the $3.37 a share analysts had anticipated.

Investors liked the news, sending Cognizant shares surging more than 11% in Monday mid-day trading.

The company also expects revenue for the year of $7.34 billion, which is in line with analysts’ projections.

Cognizant, whose financial services clients include JPMorgan Chase (NYSE:JPM) and UBS (NYSE:UBS), recently announced a $330 million agreement with ING (NYSE:ING) to expand the services it already provides to the Dutch insurance company’s American unit.

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