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Schaeffer's Street Stories: Cognizant Technology Solutions Corporation Fights to Hold Above Resistance

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  Published in Science and Technology on Friday, February 13th 2009 at 12:43 GMT, Last Modified on 2009-02-13 12:44:00 by Market Wire
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CINCINNATI--([ BUSINESS WIRE ])--Cognizant Technology Solutions Corporation (NASDAQ: CTSH) marched into the earnings confessional this morning to report that its fourth-quarter net income climbed 17% to $112.3 million, or 38 cents per share, up from $96.3 million, or 32 cents per share, a year earlier. Excluding stock-compensation costs and other impacts, earnings increased to 41 cents from 36 cents. Revenue jumped 26% to $753 million.

Meanwhile, the firm projected first-quarter and full-year results largely above analysts' expectations. The company said based on global economic weakness and recent customer feedback, it predicts first-quarter earnings of 41 cents to 42 cents per share on revenue of at least $735 million. The consensus estimate stands at 38 cents per share on revenue of $746 million. Cognizant also forecast 2009 earnings of at least $1.72 per share and revenue of at least $3.1 billion. Analysts expected $1.58 per share and $3.08 billion, respectively.

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