Cognizant Bookings Drop 7% as Growth Slows: Rapid Earnings Reaction
Cognizant (NASDAQ:CTSH) grew third-quarter revenue 4.6% to about $5.7 billion, but acquisitions and resold third-party products supplied roughly 4 points of that growth. Shares fell about 6% in midday regular trading. Strip out those two sources and the core consulting and outsourcing business barely grew, while bookings fell and per-share gains came from buybacks rather than higher profit. Key Numbers What It Means Continue reading