UPDATE: Cognizant Reports Upbeat Q2 Profit, Issues Upbeat Q3 Projections

Cognizant Technology Solutions Corp CTSH reported a 21% rise in its second-quarter net profit. Cognizant's quarterly net profit surged to $208 million, or $0.67 per share, from $172.2 million, or $0.56 per share, in the year-ago period. Its revenue climbed 34% to $1.49 billion. Cognizant's adjusted earnings per share came in at $0.72. However, analysts were expecting earnings of $0.66 per share on revenue of $1.46 billion. Cognizant projects Q3 adjusted earnings of at least $0.76 per share on sales of at least $1.57 billion. However, analysts were expecting earnings of $0.70 per share on sales of $1.54 billion. Cognizant shares dropped 0.97% to $70.01 in after-hours trading.