With this, the overall quantity approved beneath this system is $3.1 billion. The corporate mentioned it expects to purchase again shares price $1.1 billion this 12 months, a rise of $500 million over its prior expectation.
Shares of Cognizant, which is scheduled to host its investor day in a while Tuesday, rose 1.7% in early buying and selling. It’s anticipated to share its long-term progress plans and initiatives to enhance its artificial-intelligence choices.
The corporate has been grappling with uneven IT companies demand as financial uncertainties and excessive rates of interest have pressured enterprise budgets, inflicting purchasers to rein in spending. Final month, Cognizant forecast its annual income beneath analysts’ estimate.
It is usually going through activist investor involvement from Mantle Ridge, which has been in discussions with the corporate since mid-2024.
The Wall Road Journal reported earlier this month that Mantle Ridge has constructed a stake price greater than $1 billion in Cognizant and has been privately participating with the corporate about its progress on boosting its share worth.
