November 7, 2008
Cognizant Posts Stronger Than Expected Q3
IT, consulting, and BPO services provider Cognizant Technology Solutions has reported a 17% increase in net income to $112.8m for the third quarter, compared to $96.2m in the year-ago quarter, on revenue up 31% at $734.7m.
Operating income grew 41% to $142.63m, while diluted EPS rose 19% to $0.38.For the nine-month period, the company reported a 25% increase in net income to $318.55m, compared to $253.87m in the year-ago quarter, on revenue up 34% at $2.06 billion.
Gordon Coburn, chief financial and operating officer at Cognizant, said: "During this economic downturn we are continuing to focus on operational excellence and increased utilization while re-investing in the business in order to deepen our sector and domain skills, broaden our offerings and strengthen our consultancy expertise, thus ensuring we are the preferred partner for our clients. Despite our stronger-than-expected third-quarter revenue performance, we are maintaining our full-year guidance."
For the fourth quarter, the company expects revenue to be approximately $746.7m and diluted EPS $0.38. For fiscal 2008, it expects revenue to be $2.81 billion and diluted EPS $1.45.