Cognizant Q2 net soars 86% to $470 mn, revises annual revenue guidance

New Jersey-based company raised lower-end of full-year revenue forecast to $14.7 bn from $14.56 bn

Information technology (IT) services firm Cognizant said second-quarter profits rose 86 per cent to $470 million and revenue grew 8.9 per cent to $3.67 billion as business grew across verticals.

The firm revised its guidance upwards for the year ahead at the lower end to 9-10 per cent ($14.70-14.84 billion) as against its previous forecast of 8-10 per cent growth. Shares of the company rose 3.1 per cent to $70.66 in pre-market trading on the Nasdaq on Thursday. Bloomberg estimate expected revenue to be $3.66 billion and profits at $535 million for the quarter.

For the third quarter ending September,