Shares of Cognizant Technology Solutions Corp (NASDAQ:CTSH) ended Monday session in green amid volatile trading. The shares closed up +2.67 points or 5.13% at $54.75 with 10.76 million shares getting traded. Post opening the session at $54.00, the shares hit an intraday low of $53.52 and an intraday high of $55.25 and the price vacillated in this range throughout the day. The company has a market cap of $33.17 billion and the numbers of outstanding shares have been calculated to be 606.94 million shares.
Cognizant Technology Solutions Corp (CTSH) recently declared its third quarter 2016 financial results.
Highlights—Third Quarter 2016
Third quarter revenue of $3.45 billion was up 8.4% from the year-ago period and up 2.5% sequentially.
GAAP diluted EPS was $0.73 vs. $0.65 in the year-ago period.
Non-GAAP diluted EPS was $0.86 vs. $0.76 in the year-ago period.
Net headcount addition for the quarter was about 11,500.
Revenue for the third quarter of 2016 was $3.45 billion, up 8.4% from $3.19 billion in the third quarter of 2015. GAAP net income was $444.4 million, or $0.73 per diluted share, contrast to $397.2 million, or $0.65 per diluted share, in the third quarter of 2015. Non-GAAP diluted EPS was $0.86 contrast to $0.76 in the third quarter of 2015. GAAP operating margin for the quarter was 16.9%. Non-GAAP operating margin for the quarter was 19.3%, within the Company’s target range of 19-20%.
“We see ongoing client demand for our services across industries and geographies,” said Francisco D’Souza, Chief Executive Officer. “As the physical and digital worlds converge, we have made it easier for clients to work with us by aligning our organizational structure and capabilities around the broader focus of assisting clients drive digital transformations. Our new President, Raj Mehta, who has been a key member of our senior leadership team for two decades, and the broader team of executives are leading our planned programs. They have a proven track record of innovation, execution and an unwavering focus on client service and satisfaction.”
Shares of International Business Machines Corp. (NYSE:IBM) ended Monday session in green amid volatile trading. The shares closed up +3.23 points or 2.12% at $155.72 with 3.80 million shares getting traded. Post opening the session at $153.99, the shares hit an intraday low of $153.84 and an intraday high of $156.11 and the price vacillated in this range throughout the day. The company has a market cap of $147.20 billion and the numbers of outstanding shares have been calculated to be 950.85 million shares.
International Business Machines Corp. (IBM) recently declared that Prana Studios, a leading 3-D animation and visual effects studio, has selected IBM Cloud to run new high resolution rendering jobs that are required to create high-quality visual effects.
As an award-winning visual effects company, Prana collaborates with major movie studios and independent production companies around the world to create state-of-the-art visual imagery for full-length feature animated, live action and hybrid films. It also creates visual effects for special-venue attractions and live shows.
Earlier this year, the company turned to IBM Cloud as its platform of choice to create the Ultra-High Definition (UHD) special visual effects for a high end theme park attraction in the U.S. The project required over one thousand bare-metal servers to render a highly photo-realistic 24K 3D-Stereo show in a format that was twelve times larger than the typical 2K UHD content projects Prana manages. That’s because the imagery and animation would be presented by 12 projectors simultaneously, each projecting at 60 Frames Per Second (FPS) in 3-D stereo across a massive 400-foot wide U-shaped screen inside the attraction. (Most movies project at 24 FPS.)