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Tag: Cognizant Technology Solutions Corp

  • Shares making the most important strikes after hours: Roku, Qualcomm, Etsy and extra

    A video signal shows the brand for Roku Inc, a Fox-backed video streaming company, in Occasions Sq. after the corporate’s IPO on the Nasdaq Marketplace in New York, September 28, 2017.

    Brendan McDermid | Reuters

    Take a look at the firms making headlines in noon buying and selling.

    Qualcomm – Stocks of Qualcomm misplaced 6% after the corporate reported income after the bell that incorporated a steerage for its fiscal first quarter that fell underneath expectancies, because of susceptible call for in China and increased inventories. The era company reported adjusted income according to proportion of $3.13, in-line with Wall Side road expectancies, in keeping with Refinitiv. Revenues within the quarter had been $11.39 billion in comparison to the estimate of $11.37 billion.

    Roku — Stocks of TV streaming platform slipped just about 20% when the corporate stated it sees fourth-quarter revenues not up to Wall Side road expects and a bigger adjusted EBITDA loss than expected. The corporate reported third-quarter effects that beat analysts’ forecasts, with a per-share lack of 88 cents in comparison to a $1.28 loss, in keeping with Refinitiv. Income was once $761 million, greater than the estimate of $694 million.

    Etsy — Etsy jumped greater than 10% after the corporate reported quarterly income that beat the Side road. The web store posted $594.47 million in income as opposed to expectancies of $564.48 million. The corporate additionally stated it expects gross sales energy to proceed within the fourth quarter, lifting stocks.

    MGM Hotels — Stocks of MGM fell greater than 5% after the corporate posted quarterly effects. Income was once $3.42 billion, which beat Wall Side road’s estimate of $3.24 billion. On the other hand, the corporate posted web income for its trade in Las Vegas and China that got here in underneath expectancies, in keeping with StreetAccount.

    Fortinet — Fortinet shed greater than 13% after the corporate’s quarterly income liberate confirmed combined effects. The corporate reported adjusted income according to proportion of 33 cents on $1.15 billion in income, the place analysts anticipated income of 27 cents and $1.12 billion in income. Billings, on the other hand, had been in-line with analyst expectancies at $1.41 billion.

    Cognizant Applied sciences — Stocks of Cognizant Applied sciences fell 3% after the corporate reported income that neglected Wall Side road expectancies, weighed down by way of slower bookings and success demanding situations in opposition to an unsure financial backdrop.

    Robinhood — Stocks of on-line buying and selling platform Robinhood ticked up 3.9% in after-hours buying and selling after the corporate reported quarterly effects that confirmed a spice up from rates of interest and decrease bills. The corporate misplaced 20 cents according to proportion right through the quarter, higher than the 31 cent according to proportion loss analysts anticipated. Web income was once $361 million, greater than the $355 million anticipated.

    Zillow — Zillow jumped 2.7% after reporting income that exceeded analyst expectancies. The housing market reported adjusted income according to proportion of 38 cents, greater than the forecast of eleven cents. Income was once $483 million the place Wall Side road anticipated $456 million.

  • India’s IT giants pay CEOs hundreds of thousands as turnover climbs amongst tool skill

    There’s a wild mismatch between the salaries of the CEOs of Indian Data Generation corporations and decrease and mid-level staff, the latter observed right here going about their trade on the headquarters of India’s best-known era corporate, Infosys Applied sciences Ltd. in Bangalore in a inventory picture.

    Bloomberg | Bloomberg | Getty Pictures

    The manager government officials of Indian knowledge era corporations are being paid large greenbacks as attrition charges surge amongst staff.

    IT primary Wipro’s CEO Thierry Delaporte earned $10.5 million within the fiscal 12 months finishing March 31, 2022. Infosys CEO Salil Parekh started drawing $10.2 million this 12 months beneath the phrases of a brand new five-year contract, nearly doubling his pay from 2021.

    Which means that Delaporte and Parekh will earn extra in kind of 3 hours than the typical worker would in a complete 12 months, in line with back-of-the-envelope calculations by means of Nascent Data Generation Staff Senate, an affiliation of tool staff in India.

    NITES President Harpreet Singh Saluja informed CNBC that Indian IT CEOs are taking house “obscenely prime salaries” in spite of pandemic layoffs.

    “Those who skirted layoffs did so by means of saying pay cuts,” Saluja mentioned.

    The CEO of India’s greatest tool corporate Tata Consultancy Services and products Rajesh Gopinathan drew the bottom wage amongst his friends, along with his pay totaling $3.2 million.

    On Wednesday, Wipro reported quarterly income surged 17.9% from a 12 months in the past to $2.7 billion, whilst web source of revenue dropped 20.9% to $324.4 million.

    Wipro additionally reported that 23.3% of its staff left within the 3 months finishing June 30, a marginal drop from the 23.8% fee reported for the January-March quarter. All over Wipro’s April profits name, Delaporte mentioned the corporate will “building up the frequency of promotion cycles for 70% of our colleagues in junior bands, to now a quarterly foundation.”

    Wipro didn’t reply to CNBC’s requests for remark.

    Emerging government pay

    Infosys, India’s second-largest IT corporate, reported an annualized attrition fee of 27.7%, in line with its most up-to-date quarterly effects. It additionally raised its CEO’s reimbursement by means of 88%. 

    In its file, the corporate mentioned “the entire wages at management ranges remained consistent all the way through fiscal 2022. Then again … the upper remuneration [is] basically as a result of the rise in perquisite price of inventory incentives granted in earlier years however exercised all the way through the 12 months.”

    The Infosys board mentioned it aimed to make Parekh’s wage related to that of his friends at different international tool corporations corresponding to Accenture, Cognizant and IBM. His wage remains to be not up to that of the ones corporations’ CEOs. Accenture’s Julie Candy earns over $23 million a 12 months, Cognizant’s CEO Brian Humphries is paid over $19.6 million and IBM’s Arvind Krishna wallet simply over $17.5 million.

    Infosys didn’t remark when contacted by means of CNBC, bringing up its quiet length forward of its upcoming profits file, scheduled for July 24.

    Mohandas Pai, who served on Infosys’ board in its early days as an outsourcing corporate, mentioned the “absurdly prime” CEO salaries confirmed the “Americanization” of the Indian tool trade.

    “Those are offshore corporations. They don’t seem to be American corporations. They grew, no longer as a result of a mercenary perspective in opposition to humans, however as a result of a people-centric perspective,” he mentioned. 

    Pai mentioned billable worker pay has remained nearly flat since 2009, whilst that of senior executives has long past up time and again over. Billable staff within the sector are in most cases those that write tool code and whose time is without delay billed to purchasers. They’re usually programmers and tool engineers who’ve as much as 5 years revel in within the trade.

    Surging exertions call for

    Pai, who additionally in the past served as Infosys’ CFO, mentioned pay for brand new recruits in India isn’t maintaining with surging call for for tool execs globally.

    Between 600,000 and 650,000 humans have been employed in India’s era sector in 2021, in line with Pai, who referred to as it the biggest hiring spree on the planet. He estimated between 1.4 million and 1.5 million humans will likely be employed “over the following two years in India throughout IT products and services and start-ups.”

    Pai attributed mountaineering attrition charges to low pay within the trade in spite of many tool corporations reporting document income all the way through the pandemic. He estimated attrition prices corporations $5,000 in keeping with worker. Indian tool corporations can cut back attrition charges by means of 30% to 35% by means of paying honest wages, Pai mentioned. 

    “Globally, India is the one nation with surplus human capital in era. There’s a large scarcity in america, and an insufficient choice of certified humans throughout Europe. And Southeast Asia does no longer have the type of skill in position, making India the one nation that serves international markets,” Pai mentioned. 

  • Shares making the most important strikes after hours: Etsy, Reserving Holdings, eBay and extra

    The Etsy website online

    Gabby Jones | Bloomberg | Getty Pictures

    Take a look at the corporations making headlines in noon buying and selling.

    Etsy — Stocks of the e-commerce corporate plunged by way of greater than 12% after Etsy’s earnings steerage for the second one quarter got here in lighter than expected. The corporate CFO additionally stated at the profits name that “shoppers have much less disposable source of revenue and plenty of extra puts to spend it,” which “creates a non permanent headwind for gross sales.”

    Reserving Holdings — Stocks of the commute reserving web page operator jumped 8.2% in prolonged buying and selling Wednesday after the corporate posted giant beats on earnings and changed EBITDA for the primary quarter. It additionally reported $27 billion in gross bookings for the quarter, the perfect quarterly quantity within the corporate’s historical past. Control stated at the profits name it is getting ready for a hectic summer season commute season.

    eBay — The web market’s stocks fell 5.8% following the corporate’s quarterly profits. Ebay posted a slight first-quarter earnings beat, however issued weaker than anticipated profits and earnings steerage for the second one quarter and for the overall yr.

    Cognizant — The guidelines era corporate noticed stocks drop 4.5% after hours following its quarterly profits file. Cognizant introduced in earnings of $4.83 billion, in step with estimates, consistent with FactSet. Then again, it issued weaker-than-expected profits and earnings steerage for the second one quarter and the overall yr.

    Twilio — The client engagement tech corporate’s stocks received 1.5% after Twilio posted earnings of $875.4 million for the primary quarter, which was once more than the $864.2 million anticipated by way of analysts, consistent with FactSet.

  • Cramer’s lightning spherical: Fisker is without equal speculative inventory

    “Mad Cash” host Jim Cramer rings the lightning spherical bell, this means that he is giving his solutions to callers’ inventory questions at fast velocity.