Cognizant slumps on reduced earnings outlook

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Date: Wednesday 07 May 2008

LONDON (ShareCast) - Shares in IT outsourcing specialist Cognizant Technology Solutions slumped Wednesday despite the company announcing record first quarter results, as it lowered second quarter sales and profit forecasts.

Net income in the first quarter rose to $101.9m, equivalent to 34 cents a share, from $75.4m, or 25 cents a share, in the first quarter of 2007.

First quarter revenue rose 7.2% to $643.1m from the preceding quarter and was up 40% on the $460.3m achieved in the first quarter of last year.

The results exceeded the management’s growth targets but the board is taking a cautious view on prospects for the rest of the year.

“We have adopted a more cautious view for the remainder of the year to reflect the heightened economic challenges over the past two months,” said president and chief executive officer Francisco D’Souza.

The company said it now expects second quarter revenue to be at least $680m, while second quarter earnings per share are forecast to be 35 or 35 cents.

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