Stratasys Ltd. SSYS reported first-quarter 2020 non-GAAP loss of 19 cents per share, which was wider than the Zacks Consensus Estimate of a loss of 6 cents. Moreover, the bottom line was much lower than the year-ago quarter’s reported earnings of 10 cents.
Further, Stratasys’ revenues of $133 million missed the consensus mark of $137 million and declined 14.4% year over year.
Economic weakness due to the outbreak of the coronavirus pandemic affected the top line.
Moreover, the company withdrew its 2020 guidance, considering the uncertainty caused by the pandemic.
However, an increase in demand for 3D printed medical equipment was a tailwind.
Cognizant Technology Solutions CTSH reported first-quarter 2020 non-GAAP earnings of 96 cents per share that beat the Zacks Consensus Estimate by 4.3%. Moreover, the figure increased 5.5% from the year-ago quarter.
First-quarter revenues of $4.22 billion matched the consensus mark. The figure improved 3.5% year over year at constant currency (cc).
COVID-19-related disruptions reduced revenues in March, reflecting delays in project fulfillment as Cognizant rapidly enabled the shift to work-from-home capabilities across its delivery teams.
Segment-wise, Financial services (34.3% of revenues) grew 1.8% on a year-over-year basis at cc to $1.45 billion, primarily driven by insurance.
Moreover, growth in banking sector was stable, driven by the partnership with three Finnish financial institutions to transform and operate a shared core banking platform and regional banks in North America. The growth was partially offset by softness at some of Cognizant’s largest banking and insurance clients.
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