July 30 (Reuters) - IT consulting company Cognizant
Technology forecast third-quarter revenue above Wall
Street expectations on Wednesday, owing to strong spending from
customers looking to integrate artificial intelligence into
their platforms.
Cognizant's services have seen strong uptake from
enterprises looking to automate processes and shift workloads to
the cloud as they adopt AI in the hopes of boosting productivity
and optimizing costs.
"Our investments in talent, platforms and AI infrastructure
drove our fourth-straight quarter of organic year-over-year
revenue growth," said Cognizant CEO Ravi Kumar S.
The company forecast third-quarter revenue between $5.27
billion and $5.35 billion, compared with analysts' expectations
of $5.27 billion, according to data compiled by LSEG.
It reported revenue of $5.25 billion in the second quarter,
beating estimates of $5.19 billion.
Cognizant reported earnings per share of $1.31 in the
quarter ended June 30, compared with a profit of $1.14 per share
a year ago.