by Christopher Freeburn | August 6, 2012 1:18 pm
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.
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.
Source URL: http://investorplace.com/2012/08/cognizant-shares-soar-on-improved-2012-outlook/
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