Shares of Cognizant Technology (CTSH) ended Monday’s trading day up 6.3 percent, after reporting strong sales growth, making it TheStreet’s move of the day. The business software company posted earnings per share of 71 cents for first quarter, beating Wall Street’s estimates by a penny. Revenue came in at $2.9 billion, up 20 percent from the same quarter last year and was largely in line with analysts’ expectations. Gordon Coburn, President of Cognizant, told TheStreet: ‘We see our clients trying to do two things at once today. They want to run their businesses better, reduce costs, increase speed to market and increase efficiency. And they want to take the dollars they save from running their business better to invest in the future. The reason Cognizant is doing so well, is we’re able to serve our clients on both sides of that dual mandate.’ TheStreet’s Scott Gamm reports from New York.
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