July 29 : Cognizant Technology forecast quarterly revenue below Wall Street estimates on Wednesday, as clients remained cautious on discretionary IT spending. Shares of the company were down 3 per cent in premarket trading. • Cognizant expects third-quarter revenue between $5.60 billion and $5.68 billion, below analysts' average estimate of $5.70 billion, according to data compiled by LSEG.• The company is navigating a complex macro environment, with clients cautious on large investments and continued softness in smaller discretionary projects.
• Enterprises are also prioritizing investment in data center infrastructure over software as AI adoption accelerates.• Cognizant now expects annual revenue between $22.04 billion and $22.35 billion, compared with its prior expectations of $22.11 billion to $22.64 billion.• For the second quarter, the company reported revenue of $5.48 billion, in line with estimates and up 4.5 per cent from a year earlier.• Cognizant has been expanding capabilities to help clients modernize legacy platforms and deploy GenAI at scale.
