Cognizant Technology Solutions reported a quarterly profit that exceeded analysts' expectations, beating estimates by $0.10. The company attributed this performance to a gradual recovery in IT services demand, particularly noting an uptick in discretionary spending during the third quarter. In response to this positive trend, Cognizant has raised its revenue guidance for the fiscal year 2024. The company’s performance aligns with broader improvements in the IT services sector, reflecting a resurgence in client spending.