Updated from 11:23 a.m. EST
SAN FRANCISCO -- Tech services firm Cognizant (CTSH Quote) suffered a massive selloff after reporting third-quarter earnings as investors appeared spooked by an apparent slowdown in IT spending.
While the company reported third-quarter revenue and profit above expectations, its forecast for fourth-quarter growth forecast was lighter than in past years. During a conference call with analysts, Chief Executive Francisco D'Souza and CFO Gordon Coburn said they hadn't seen the typical flurry of fourth-quarter spending, known as a "budget flush," possibly stemming from macroeconomic concerns.
The company's third-quarter net income rose to $96 million, or 32 cents a share, from $61 million, or 20 cents a share, in the same quarter a year earlier. ...
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