(Reuters) - Cognizant Technology Solutions Corp reported a better-than-expected quarterly profit on increased demand for its outsourcing services, and the information technology services provider raised its full-year adjusted profit forecast.
The company now expects full-year adjusted earnings of at least $3.64 per share, up from its previous forecast of $3.62 per share. It reaffirmed its revenue forecast of at least $7.34 billion.
Analysts on average were expecting full-year earnings of $3.37 per share on revenue of $7.34 billion, according to Thomson Reuters I/B/E/S.
The outlook for IT services companies has been mixed at best. Indian outsourcing heavyweights Infosys Ltd
Cognizant's net income rose to $251.9 million, or 82 cents per share, for the second quarter from $208 million, or 67 cents per share, a year earlier.
Excluding items, the company, which also competes with Accenture Plc
Revenue rose 21 percent to $1.8 billion.
Analysts on average had expected earnings of 80 cents per share on revenue of $1.79 billion.
Cognizant shares have fallen about 20 percent since May 7 when it lowered its full-year forecast for the first time in nearly four years. They were set to open 3.7 percent higher on Monday after closing at $57.86 on Friday on the Nasdaq.
(Reporting by Sruthi Ramakrishnan in Bangalore; Editing by Don Sebastian)
