CTSH

Shares of professional services company Cognizant (NASDAQ:CTSH) are nosediving today after an unimpressive third-quarter showing and major analyst downgrades. The IT major’s revenue increased by 2.5% year-over-year to $4.86 billion but missed the cut by $140 million. EPS at $1.17, on the other hand, came in ahead of expectations by $0.01. Additionally, the company increased its stock buyback program by $2 billion. Nonetheless, CTSH’s top brass noted that top line and bookings came in below expectations as fulfillment challenges were exacerbated by uncertain macroeconomic conditions. Further, bookings during the quarter dropped by 2% as compared to the year-ago period. CTSH now expects fourth-quarter revenue to land between $4.
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