© Reuters. Cognizant’s logo is pictured on a smartphone in this illustration taken, December 4, 2021. REUTERS/Dado Ruvic/Illustration/File Photo
CTSH
+1.47%
Add to/Remove from Watchlist
Add to Watchlist
Add Position
Position added successfully to:
Please name your holdings portfolio
Type:
BUY
SELL
Date:
Amount:
Price
Point Value:
Leverage:
1:1
1:10
1:25
1:50
1:100
1:200
1:400
1:500
1:1000
Commission:
Create New Watchlist
Create
Create a new holdings portfolio
Add
Create
+ Add another position
Close
INFY
+2.42%
Add to/Remove from Watchlist
Add to Watchlist
Add Position
Position added successfully to:
Please name your holdings portfolio
Type:
BUY
SELL
Date:
Amount:
Price
Point Value:
Leverage:
1:1
1:10
1:25
1:50
1:100
1:200
1:400
1:500
1:1000
Commission:
Create New Watchlist
Create
Create a new holdings portfolio
Add
Create
+ Add another position
Close
TCS
+3.94%
Add to/Remove from Watchlist
Add to Watchlist
Add Position
Position added successfully to:
Please name your holdings portfolio
Type:
BUY
SELL
Date:
Amount:
Price
Point Value:
Leverage:
1:1
1:10
1:25
1:50
1:100
1:200
1:400
1:500
1:1000
Commission:
Create New Watchlist
Create
Create a new holdings portfolio
Add
Create
+ Add another position
Close
(Reuters) – Cognizant Technology Solutions (NASDAQ:CTSH) forecast full-year revenue below estimates on Tuesday, underscoring persistent weakness in demand for IT services and sending its shares down 4% in extended trading.
Businesses across sectors are cutting technology and outsourcing expenses while bringing some processes in-house, as they deal with the effects of sticky inflation and higher interest rates.
That has led to a slowdown in the IT services sector. Last month, peer Tata Consultancy Services (NS:TCS) reported its slowest profit growth since 2020, while Infosys (NS:INFY) missed profit targets in the most recent quarter.
Cognizant, which draws the bulk of its revenue from customers in North America and Europe, said it expected revenue of $19 billion to $19.8 billion in 2024. Analysts were expecting $19.8 billion, according to LSEG data.
Its forecast for full-year adjusted profit and first-quarter revenue were also below expectations.
Cognizant’s revenue fell 1.7% to $4.76 billion in the quarter ended Dec. 31, but was in line with expectations, while adjusted earnings came in 14 cents higher than expectations at $1.18.
Revenue from financial services and health sciences – its top two customer segments – dropped 5.8% and 2.1%, respectively.
Source: Investing.com
