Cognizant Technology Solutions Corp Class ACognizant forecast Q3 revenue below estimates and lowered full-year outlook due to cautious client discretionary IT spending.

Cognizant Technology Solutions forecast third-quarter revenue below Wall Street estimates on Wednesday, as clients remained cautious on discretionary IT spending. The company expects revenue between $5.60 billion and $5.68 billion, below analysts' average estimate of $5.70 billion, according to data compiled by LSEG. Cognizant also lowered its full-year revenue outlook to a range of $22.04 billion to $22.35 billion, down from its prior forecast 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% from a year earlier. Shares fell 3% in premarket trading.
Cognizant Technology Solutions Corp Class ACognizant forecast Q3 revenue below estimates and lowered full-year outlook due to cautious client discretionary IT spending.