August 4, 2008

Cognizant Posts Strong Q2 and Outlook

Offshore outsourcing provider Cognizant Technology Solutions has reported a 26% increase in net income to $103.86m for the second quarter 2008, on revenue up 33% at $685.42m.

For the first six months, it reported 30% increase in the net income to $205.72m, on revenue up 36% at $1.32 billion.

Francisco D'Souza, president and chief executive at Cognizant, said: "Despite continued uncertainty in the marketplace, we exceeded our quarterly revenue guidance and our sequential growth once again outpaced our peer group in the second quarter. Several of our business segments, including financial services, performed well during the quarter. Furthermore, we generated continued strong performance across Europe and healthy growth from our business/knowledge process outsourcing and IT infrastructure Services practices as a result of clients' focusing on cost efficiencies."

For the third quarter, it expects revenue to be $723m and EPS to be $0.37. For the year, it expects revenue to be $2.81 billion and EPS to be $1.44.