Cognizant forecasts revenue above estimates as IT spending rises

By Anya George Tharakan and Subrat Patnaik (Reuters) - IT services provider Cognizant Technology Solutions Corp forecast current-quarter revenue above analysts' estimates due to higher spending by financial services and healthcare clients. Shares of the company, which also reported higher-than-expected revenue for the third quarter, rose as much as 7.8 percent on Wednesday. Chief Financial Officer Karen McLoughlin told Reuters that spending by clients in pharmaceutical and life sciences industries was recovering after several quarters of slow growth. ...



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