TEANECK, N.J. (AP) _ Cognizant Technology Solutions Corp. (CTSH) on Wednesday reported fourth-quarter earnings of $316 million.
On a per-share basis, the Teaneck, New Jersey-based company said it had net income of 59 cents. Earnings, adjusted for non-recurring costs, were 67 cents per share.
The results did not meet Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 90 cents per share.
The information technology consulting and outsourcing firm posted revenue of $4.18 billion in the period, also falling short of Street forecasts. Six analysts surveyed by Zacks expected $4.24 billion.
For the year, the company reported profit of $1.39 billion, or $2.57 per share. Revenue was reported as $16.65 billion.
For the current quarter ending in April, Cognizant said it expects revenue in the range of $4.34 billion to $4.38 billion. Analysts surveyed by Zacks had expected revenue of $4.28 billion.
The company expects full-year earnings in the range of $3.90 to $4.20 per share, with revenue ranging from $17.6 billion to $18.1 billion.
Cognizant shares have fallen 3% since the beginning of the year, while the Standard & Poor's 500 index has risen 2%. In the final minutes of trading on Wednesday, shares hit $79.34, a climb of 27% in the last 12 months.