NEW YORK (
(CTSH - Get Report)
shares surged before market open on Tuesday, boosted by better-than-expected second-quarter results and robust guidance.
The IT consulting and outsourcing specialist reported revenue of $2.161 billion, a 20.4% increase from the same period last year, and above Wall Street's forecast of $2.13 billion.
Excluding items, Cognizant earned $1.07 a share, up from 89 cents a share in the same period last year. Analysts surveyed by
were looking for earnings of 97 cents a share.
Investors welcomed the numbers, pushing Cognizant's shares up 3.9% to $76.27 in premarket trading.
The Teaneck, N.J.-based firm noted particular strength in its European business, which saw total revenue increase 37% from the same period last year. Excluding the U.K., Cognizant's European revenue climbed 53.8% over the same time frame.
"Economic pressures and long-term secular industry shifts have been driving fundamental changes in client demands," said Gordon Coburn, Cognizant's president, in a statement.
For the third quarter, Cognizant expects sales of at least $2.25 billion and earnings of $1.09 a share. Analysts surveyed by
are looking for sales of $2.22 billion and earnings of $1.03 a share.
(FB - Get Report)
shares slipped 0.23% to $39.10, although the social networking giant was the most active premarket Nasdaq stock on share volume of 354,087.
was off 0.07% to $13.67 on share volume of 124,640.
(BBRY - Get Report)
, however, was a gainer, rising 1.89% to $9.76 on share volume of 78,180.
(TSLA - Get Report)
was a more modest gainer, climbing 0.87% to $145.94.
--Written by James Rogers in New York.
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